The government today approved transfer
of 3.7 acres of land at Pragati Maidan to ITDC and ITPO on a 99-year lease for ₹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. The implementation of the International
Exhibition and Convention Centre (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
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.
Throughout the
world, a hotel facility is an integral part of any Meetings, Initiatives,
Conferences and Exhibitions (MICE) hub/destination, the release said.
"Hotel
facility will add value to IECC project and promote India as a global
destination for trade and commerce along with employment generation," it
said.
The
International Trade Fair which has lakhs of visitors and small traders
participating every year will also benefit from the transformation of Pragati
Maidan, it said.
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.
Throughout the
world, a hotel facility is an integral part of any Meetings, Initiatives,
Conferences and Exhibitions (MICE) hub/destination, the release said.
"Hotel
facility will add value to IECC project and promote India as a global
destination for trade and commerce along with employment generation," it
said.
The
International Trade Fair which has lakhs of visitors and small traders
participating every year will also benefit from the transformation of Pragati
Maidan, it said.
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