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Thursday, July 31, 2014

Grant of Infrastructure Status to Hotel Industry

The Ministry of Finance (Department of Economic Affairs) notifies the Harmonised Master List of Infrastructure Sub-sectors. The Government of India Gazette notification dated 7th October, 2013 inter-alia have the following entries in respect of hotel industry in the category of “Social and Commercial Infrastructure”: 

(i) Three-star or higher category classified hotels located outside cities with population of more than 1 million. 

(ii) Hotels with project cost of more than Rs. 200 crores each in any place in India and of any star rating. This is applicable with prospective effect from the date of notification (i.e. 7th October, 2013) and is available for eligible prospects for three years from the date of notification. Further, eligible costs exclude cost of land and lease charges, but include interest during construction. 

The categories included in the Harmonised List of Infrastructure Sub-sectors guide all the agencies responsible for supporting infrastructure in various ways, which imply inter-alia easier access to long term funding as well as lower interest rates.
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