Pragati Maidan land offered for hotel
Land monetization to fund part of IECC
India Trade Promotion Organisation (ITJPO) is offering a 3.7 acre land at Pragati Maidan in Delhi on a 99 year lease for construction and running of a Hotel by a third party including private sector through a transparent competitive bidding process.
The cabinet approved the land offer on 13 June 2018.
This measure is part of the Phase-I of redevelopment project of Pragati Maidan i.e. Integrated Exhibition-cum-Convention Centre (IECC) Project, costing about Rs.2,254 crore.
The 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 1,00,000 sq m and a basement parking for 4,800 vehicles.
Funds raised through monetization of land will be one of the means of financing the IECC project which is essential for Central Government and State Governments to hold Summit Level Meetings and Exhibitions/Events for trade promotion.
The IECC project is in progress. fii-news.com