Business Today
Govt may consider proposal to lease out portion of Delhi's Pragati Maidan for hotel construction
The total cost of the Pragati Maidan redevelopment project is estimated to be Rs 2,254 crore and would be carried out in two phases. The Phase-1 redevelopment is expected to complete by May 2019.
Govt may consider proposal to lease out portion of Delhi's Pragati Maidan for hotel construction

Govt may consider proposal to lease out portion of Delhi's Pragati Maidan for hotel construction

The Union Cabinet may approve a proposal to lease out 3.7 acres of land at Delhi's Pragati Maidan to a private party for construction of a hotel. The funds raised through the process would be utilised by the India Trade Promotion Organisation (ITPO) that runs the exhibition centre at the venue to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan. The land would be monetized on a long-term leasehold basis for 99 years for construction and maintenance of a hotel by a third party. "Union Cabinet approves monetisation of 3.70 acres of land at Pragati Maidan by ITPO on long term leasehold basis for 99 years for construction and running of a hotel by a third party including private sector through a transparent competitive bidding process," an official statement said.

ITPO had earlier proposed the redevelopment of Pragati Maidan under the Department of Commerce by setting up of a world class IECC at the venue, that was approved by the government in January last year.  "This measure is part of the Phase I of redevelopment project of Pragati Maidan i.e. IECC project," the statement further added.

A hotel facility is an integral part of any Meetings, Initiatives, Conferences and Exhibition (MICE) hub/destination and a suitable space of land is accordingly proposed by ITPO to be set apart for a five star/budget hotel. This project would provide an appropriate venue for international events. Hotels are an important part for such programmes and present facilities are far short of international standards.

The total cost of the project is estimated to be Rs 2,254 crore and would be carried out in two phases. The Phase-1 redevelopment is expected to complete by May 2019. Redevelopment would also include creation of a convention centre with sitting capacity of 7,000 persons.

(With agency inputs)

Get latest news & live updates on the go on your phone with our News App. Download The Business Today news app on your device
More from BIZ WRAP