Business Update3 Apr 2025, 12:13 am
Royal Orchid Hotels Ltd Signs Land Lease Deed Renewal Agreement with KSTDC for 29 Years and 6 Months
AI Summary
Royal Orchid Hotels Ltd has signed an agreement with Karnataka State Tourism Development Corporation Limited (KSTDC) for the renewal of the Land Lease Deed of Hotel Royal Orchid, Bengaluru. The lease period is for 29 years and 6 months, starting from 01/04/2025. The lease rent is 2% of the gross income of the property situated in the leased land, which measures 2 Acre 19 Guntas. This agreement is a related party transaction as Mr. Chander K Baljee, promoter/promoter group/group companies CMD and Promoter, has co-executed the agreement. The agreement does not involve the issuance of shares to the parties.
Key Highlights
- Royal Orchid Hotels Ltd has signed a land lease deed renewal agreement with KSTDC for 29 years and 6 months.
- The lease rent is 2% of the gross income of the property situated in the leased land.
- The leased land measures 2 Acre 19 Guntas.
- This is a related party transaction as Mr. Chander K Baljee, promoter/promoter group/group companies CMD and Promoter, has co-executed the agreement.
- The agreement does not involve the issuance of shares to the parties.