India, Aug. 17 -- Delhi's Nehru Place, one of the Capital's busiest commercial hubs, will soon host a new five-star luxury hotel - the first big-ticket project to take off under the Delhi Development Authority's revamped land disposal model. The milestone marks a shift in how the land-owning agency manages its prime assets and is expected to generate steady revenues for decades.

Officials said Fleur Hotels Pvt. Ltd., a subsidiary of Lemon Tree Hotels Limited, has bagged the inaugural project under DDA's special licence property initiative. The allotment is expected to fetch DDA around Rs.10,000 crore over the next 55 years.

In its maiden request for proposal (RFP) floated on May 2 this year, DDA had offered a two-acre parcel in Nehru Pl...