Cabinet nod for leasing part of Pragati Maidan for hotel
By TIOL News Service
NEW DELHI, JUNE 13, 2018: THE Cabinet has approved the Commerce Ministry's mega proposal to lease out 3.70 acres of land at Pragati Maidan. The land would be monetised on long-term lease hold basis for 99 years for construction and running of a hotel by a third party including private sectors.
The funds raised through a transparent competitive bidding process would be utilised by the India Trade Promotion Organisation (ITJPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project which is essential for both Central & State Govts to hold Summit Level Meetings and Exhibitions or Events for trade promotion. It was was approved by the CCEA in January 2017 at an estimated cost of Rs 2254 crore.
IECC project envisages construction of a world class state-of-the-art Exhibition-cum-Convention Centre with a seating capacity for 7,000 pax, exhibition, space of over 1,00,000sq.mtr. and a basement parking for 4,800 vehicles. Traffic decongestion measures in and around the Pragati Maidan will also lead to decongestion of the area. The work for IECC project as well as the traffic decongestion solutions is in full swing. ITPO has stated that the entire project is expected to be completedby September 2019. IECC project will benefit Indian trade and industry, and help increase India's foreign trade.