NEW DELHI: The Centre on Wednesday approved the transfer of 3.7 acres of land at Pragati Maidan to ITDC and ITPO on a 99-year lease for Rs 611 crore to set up a five-star hotel. The decision for monetisation of land at Pragati Maidan to build a five-star hotel was taken up at the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
Giving details, Information and Broadcasting Minister Prakash Javadekar said India Trade Promotion Organisation (ITPO), which manages the Pragati Maidan, will undertake a mega project to redevelop the land into a world-class International Exhibition and Convention Centre (IECC).
The approval has been given for “transfer of 3.7 acres of land at Pragati Maidan on a 99-year fixed leasehold basis in favour of the special purpose vehicle (SPV), which will be formed by India Tourism Development Corporation (ITDC) and Indian Railway Catering and Tourism Corporation (IRCTC) for development of a five-star hotel”.
The implementation of the IECC project is in full swing and scheduled to be completed in the year 2020-21, said an official release. In order to ensure completion of the project in a fast track mode, the SPV will select a suitable developer and operator third party to construct, run and manage the hotel on a long-term fixed lease basis.
“Hotel facility will add value to IECC project and promote India as a global destination for trade and commerce along with employment generation. The trade fair which has lakhs of visitors and small traders participating every year will also benefit from the transformation of Pragati Maidan”, it said.