Delta Corp to transform residential project into a resort hotel in Goa

Delta Corp has announced plans to transform a residential project in Miramar, Panaji, Goa into a resort hotel, aiming to meet the growing demand for upscale hotel rooms in the area.

India.- Delta Corp has recently informed the stock exchanges about its decision to repurpose a residential project located in Miramar, Panaji, Goa, into a resort hotel. This project is being implemented through Marvel Resorts Private Limited (MRPL), which is a wholly-owned subsidiary of Delta. 

The company has recognized the potential of the location and the demand for upscale hotel rooms in the area, which are needed for the company’s casino guests. Delta Corp, however, stressed the project will be subject to approvals from local regulatory bodies, and the funding for it will be from internal accruals. 

Last December, the company had already announced it was going to return to the real estate sector with an investment of nearly Rs 100 crore in Mumbai-based Peninsula Land.

Earlier this week, Delta Corp shared its financial results for the third quarter of the financial year 2023-24 and posted a net profit of Rs 34.4 crore, down 59 per cent year-on-year.

In a footnote alongside its quarter numbers, Delta Corp said that on September 27, 2023, the holding company and its two subsidiary companies received show cause notices from the Directorate General of GST Intelligence (DGGI), Hyderabad, for alleged short payment of Goods and Services Tax (GST) aggregating to Rs. 16,822.9 crore for the period July 1, 2017, to March 31, 2022. 

On October 28, 2023, another subsidiary of the company received a GST show cause notice aggregating to Rs. 6,384.32 crore for the period July 1, 2017, to November 30, 2022, from DGGI, Kolkata. The company, however, filed a writ petition challenging the demands.