Cabinet approves 5 star hotel at Pragati Maidan over 3.7 acres of land
The 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, Information and Broadcasting Minister Prakash Javadekar said.
The Union Cabinet on Wednesday gave nod to developing a five-star hotel at the Pragati Maidan. The 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 the development and operation of a five-star hotel.
The 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, Information and Broadcasting Minister Prakash Javadekar said. 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.
The project is in line with government's vision to revolutionise India’s infrastructure and tourism with the best of standards and service. In a statement, the government said that the hotel facility is an integral part of IECC project which will promote India as a global Meetings, Initiatives, Conferences and Exhibitions (MICE) hub and promote trade & commerce along with employment generation. The hotel will add value to IECC project and will benefit Indian trade & industry.
WATCH Zee Business TV LIVE Streaming Online -
In order to ensure completion of the hotel project at Pragati Maidan in a 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.
The Cabinet believes that the International Trade Fair which has lakhs of visitors and small traders participating every year will also benefit from this transformation of Pragati Maidan. It is also expected to ensure higher turnout at the Trade Fair, revitalising it and providing a vibrant platform to expand their business horizons and promote Indian goods and services.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.