GTDC plans to redevelop Vasco Residency via PPP model

Panaji: In a fresh push to monetise its properties, the Goa Tourism Development Corporation (GTDC) initiated steps to hand over the Vasco Residency to a private entity for hotel redevelopment through the public-private partnership (PPP) model. This follows its recent offer of a 22,529sqm plot at Britona to private developers with a 100% floor area ratio (FAR) for a 60-year lease. A similar PPP plan is also under way for its Miramar property.Spread over a 3,158sqm plot in the heart of Vasco, Vasco Residency is a ground plus five-storey structure with 63 rooms and a restaurant. GTDC maintains and operates the facility, which is among its key city-based tourism assets with a built-up area of 5,558.5sqm.Under the proposed PPP model, the selected private concessionaire will have to demolish the existing structure and build a new 3-star or higher category city hotel with at least 30 rooms. The project will follow the design, build, finance, operate, and transfer model. The site, which falls under the C1 commercial zone as per the Regional Plan 2021, allows development up to 200% FAR, 24m maximum height (including stilts), and 40% ground coverage.GTDC has allowed the concessionaire flexibility to develop additional commercial components on-site, such as a multiplex or theatre, adding a cultural or entertainment layer to the facility. If awarded, the project agreement will initially run for 30 years, with an option to renew for another 30 years, subject to terms and conditions.The GTDC’s shift to the PPP model aims to revive its ageing infrastructure using private capital and expertise. However, privatising long-standing public assets like Vasco Residency — located in a high-traffic urban node — may invite scrutiny over public interest, long-term control, and commercial use of public land.GTDC decided to outsource properties like Miramar Residency, Old Goa Residency, Britona Residency, and Anjuna Residency over a decade ago under the PPP model. Still, the results did not yield the desired outcome for govt. The Miramar Residency, which spans 20,000sqm, features 60 rooms. In its place, GTDC wants to build a resort with 587 rooms, a restaurant, a spa, and a pool.