The Union Cabinet has approved the monetization of 3.70 acres of land at Pragati Maidan by India Trade Promotion Organisation (ITJPO) on long-term leasehold basis for 99 years for construction and running of a Hotel by a third party including private sector through a transparent competitive bidding process.
This measure is part of the Phase – I of redevelopment project of Pragati Maidan i.e. Integrated Exhibition-cum-Convention Centre (IECC) Project. It was approved by the CCEA in January 2017 at an estimated cost of Rs. 2254 crore. 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. Traffic decongestion measures in and around the Pragati Maidan will also lead to decongestion of the area.
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 work for IECC project as well as the traffic decongestion solutions is in full swing. ITPO has stated that the entire project is expected to be completed by September 2019. IECC project will benefit Indian trade and industry, and help increase India’s foreign trade.