New Delhi: GMR Group-controlled Delhi International Airport Ltd (DIAL) has awarded 9 lakh sq.m of land at Aerocity in the capital to Bharti Realty for development, the company said in a statement on Wednesday.

The deal will fetch 363.5 crore in annual lease and 1,873 crore one-time payment to DIAL, the airport operator said after a board meeting cleared the deal.

The proposed land development will add value to the existing Delhi airport ecosystem, the company said.

“With the development of commercial projects, DIAL shall move one step closer to its vision of creating an integrated commercial business district for the growth of airport and the associated community," the statement said quoting G.B.S. Raju, chairman (airports) and managing director at DIAL.