Govt signs fresh lease with Taj for 3 lakh sqm at Aguada

Panaji: Closing the chapter on a 27-year-old dispute over three lakh sqm of land on the Aguada plateau, the tourism department inked an additional lease deed with Indian Hotels Company Limited (IHCL) for the prime land. IHCL, which operates five-star resorts under the Taj and Ginger brands, will develop a new hospitality project with a focus on wellness and culture, with phase 1 expected to be ready by Dec 2026.

Govt stands to earn Rs 1 crore, or 5% of the annual gross revenue of the project, whichever is higher, which both sides described as a “win-win” outcome. “In the next 2.5 years, they have to complete the resort and tourism project and I am sure that before Dec 2026, they will launch the first phase,” said chief minister Pramod Sawant.

In 1997, Goa govt decided to lease three lakh sqm on the Aguada plateau to IHCL as part of a 50-year lease that would see the state earning 5% of the annual turnover.

“With the signing of the supplementary lease deed, we are recovering all the outstanding dues that ought to have been paid by IHCL, and the project will be of international standards that focuses on wellness, yoga and the cultural ethos of Goa,” said tourism director Suneel Anchipaka.


Managing director and chief executive officer of IHCL, Puneet Chatwal, said the signing of the lease will see IHCL operating 54 hospitality projects in Goa. “A project that was stuck for 27 years is today seeing the light of day. All the hurdles have been overcome and a proper PPP relationship has been established,” said Chatwal.

The managing director also said IHCL will invest in the new project for the next 50 to 75 years.