New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi has approved the plan and authorised India Trade Promotion Organisation (ITPO) to transfer 3.7 acres of land at Pragati Maidan on a 99 year fixed leasehold basis at a price of Rs. 611 crore in favour of the SPV, which will be formed by India Tourism Development Corporation (ITDC) and Indian Railway Catering and Tourism Corporation (IRCTC) for development and operation of a five-star hotel.
The implementation of the International Exhibition and Convention Centre (IECC) project is in full swing and is scheduled to be completed in the year 2020-21.
In order to ensure completion of the hotel project at Pragati Maidan in fast track mode, the SPV will take necessary steps including selecting a suitable developer and operator third party through a transparent competitive bidding process to construct, run and manage (directly or through a professional brand) the hotel on a long-term fixed lease basis.
According to a Press communication from PIB, ITPO is implementing its mega project of redevelopment of Pragati Maidan into world-class IECC because a hotel facility is an integral part of any Meetings, Initiatives, Conferences and Exhibitions (MICE) hub/destination.
The hotel facility is a part of IECC project which will promote India as a global Meetings, Initiatives, Conferences and Exhibitions hub and promote trade & commerce along with employment generation, said the Cabinet, adding that the hotel will add value to IECC project and will benefit Indian trade & industry.
Additionally, the International Trade Fair which has lakhs of visitors and small traders participating every year will also benefit from the transformation of Pragati Maidan.
Increased facilities and modern amenities will benefit the participating traders, entrepreneurs and visitors. This will ensure higher turnout at the Trade Fair, and provide a platform to expand business and promote Indian goods and services.