Srinagar: The Jammu & Kashmir Tourism Development Corporation (JKTDC) is outsourcing the Centaur Lake View Hotel on Dal Lake's banks.
Request for proposals has been issued from national and international entities for the development, finance, operation, maintenance, and transfer of the hotel. The concession period is set at 60 years, inclusive of the construction period, the government said.
"The project, following a Public Private Partnership model on a Design, Built, Finance, Operate & Transfer (DBFOT) basis, encompasses development (design, refurbishment, and upgradation). The estimated cost for the entire project is 212.50 crore Indian Rupees."
A government notification states, "JKTDC intends to Outsource the Development, Finance, Operation & Maintenance and Transfer of Centaur Lake View Hotel, Srinagar through Public Private Partnership."
This initiative comes after the Jammu and Kashmir administration took control of the 252-room hotel on June 14, 2022. The reason cited was the 'violation' of the lease agreement and the Jammu and Kashmir Land Grants Act, 1960, due to subletting without government consent.