New Delhi (NVI): The Union Cabinet today approved the plan for land monetisation at Pragati Maidan, to build a five-star hotel with modern amenities.
The Cabinet, chaired by Prime Minister Narendra Modi authorised the 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, an official statement said.
A Special Purpose Vehicle (SPV) will be formed by India Tourism Development Corporation (ITDC) and Indian Railway Catering and Tourism Corporation (IRCTC) for development and operation of the five-star hotel with modern amenities.
In line with the vision of Government to revolutionise India’s infrastructure and tourism with the best of standards and service, ITPO is implementing its mega project of redevelopment of Pragati Maidan into world-class IECC. Throughout the world, a hotel facility is an integral part of any Meetings, Initiatives, Conferences and Exhibitions (MICE) hub or destination.
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 hotel facility will add value to IECC project and promote India as a global destination for trade and commerce along with employment generation.
In order to ensure completion of the hotel project 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 hotel facility is an integral part of IECC project which will promote India as a global MICE hub and promote trade and commerce along with employment generation.
The hotel will add value to IECC project and will benefit Indian trade and industry, the statement said.
Moreover, the International Trade Fair, which has lakhs of visitors and small traders participating every year will also benefit from this transformation of Pragati Maidan.
Increased facilities and modern amenities will greatly benefit the participating traders, entrepreneurs and visitors. This will 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, the statement added.