The Meghalaya government has allotted 66 acres of land near Umiam Lake in Ri-Bhoi district to Indian Hotels Company Limited, the hospitality arm of the Tata Group, for the development of a five-star Taj Resort and Spa, Chief Minister Conrad K. Sangma informed the state Assembly on Monday.
The disclosure was made in response to a starred question raised by MLA Adelbert Nongrum, who sought details regarding the land transfer and the financial arrangements tied to the project.
Tourism Minister Timothy D. Shira, replying on behalf of the government, stated that the annual revenue share and lease rent from the proposed resort are projected to start at ₹4.47 crore in the first year of operations. The amount is expected to increase to ₹7.42 crore by the fifth year and ₹9.46 crore by the tenth year. Over a 60-year lease period, the cumulative revenue to the state is estimated at ₹1,981.65 crore.
In addition to the revenue-sharing arrangement, Taj Hotels will pay a one-time upfront premium of ₹8 crore to the state government upon implementation of the project.
The government also clarified that 266.28 acres of land near the lake will remain under state ownership after the handover. Shira said plans are in place to develop parks and recreational amenities on the remaining land to cater to mid-range and budget tourists as well as local residents, alongside the high-end hospitality project.
