{"id":777012392,"date":"2024-01-12T10:10:57","date_gmt":"2024-01-12T13:10:57","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777012392"},"modified":"2026-04-22T14:05:22","modified_gmt":"2026-04-22T17:05:22","slug":"delta-corp-to-transform-residential-project-into-a-resort-hotel-in-goa","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/delta-corp-to-transform-residential-project-into-a-resort-hotel-in-goa","title":{"rendered":"Delta Corp to transform residential project into a resort hotel in Goa"},"content":{"rendered":"\n

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.<\/p>\n\n\n\n\n\n\n\n

India.- Delta Corp<\/strong> 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)<\/strong>, which is a wholly-owned subsidiary of Delta.\u00a0<\/p>\n\n\n\n

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.\u00a0<\/p>\n\n\n\n

Last December, the company had already announced it was going to return to the real estate sector<\/a> with an investment of nearly Rs 100 crore in Mumbai-based Peninsula Land<\/strong>.<\/p>\n\n\n\n

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

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)<\/a>, 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. <\/p>\n\n\n\n

On October 28, 2023,\u00a0another subsidiary of the company received a GST show cause notice<\/a>\u00a0aggregating to Rs. 6,384.32 crore for the period July 1, 2017, to November 30, 2022, from DGGI, Kolkata.\u00a0The company, however, filed a writ petition challenging the demands.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":176,"featured_media":16856,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Delta Corp plans to convert a residential project in Miramar, Goa, into a resort hotel to cater to its casino guests, funded by internal accruals and subject to regulatory approvals. This strategic move comes amidst a 59% year-on-year decline in Q3 net profit and significant show cause notices from the Directorate General of GST Intelligence (DGGI) totaling over Rs. 23,000 crore for alleged short payment of Goods and Services Tax, which the company is challenging.","focusai_entities":"Delta Corp, Marvel Resorts Private Limited (MRPL), Peninsula Land, Directorate General of GST Intelligence (DGGI)","focusai_location":"India, Goa, Panaji, Miramar, Mumbai, Hyderabad, Kolkata","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.95), operator_casino (0.85), investor_analyst (0.95), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GST Demand Impact","query":"What is Delta Corp's detailed legal strategy and timeline for challenging the substantial GST show cause notices, and what is the potential financial impact on its balance sheet if the demands are upheld?"},{"label":"Hospitality Strategy ROI","query":"How does Delta Corp project the return on investment for converting the Miramar residential project into a resort hotel, specifically in terms of incremental GGR\/NGR from casino guests and overall hospitality revenue contribution?"}],"footnotes":""},"categories":[157,16333],"tags":[23890],"class_list":["post-777012392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-delta-corp"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777012392"}],"version-history":[{"count":1,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012392\/revisions"}],"predecessor-version":[{"id":777012393,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777012392\/revisions\/777012393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16856"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777012392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777012392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777012392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}