Cabinet may consider proposal for construction of hotel at Pragati Maidan by pvt firm

The Union Cabinet is likely to consider a proposal moved by the commerce ministry for leasing out 3.7 acres of land at Pragati Maidan to a private player for construction of a hotel, government sources said.

The funds raised by the process would be utilized by the India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan.

The land would be monetized on long-term leasehold basis for 99 years for construction and running of a hotel by a third party, they said.

In January last year, the government approved the proposal of ITPO under the Department of Commerce, for the redevelopment of Pragati Maidan by setting up of a world-class IECC at Pragati Maidan here at the national capital.

The total cost of the project is Rs 2,254 crore. The growing Meetings, Incentives, Conferences, and Exhibitions (MICE) sector needs this kind of investments in the country.

The redevelopment of Pragati Maidan is envisaged in two phases. Phase-1 redevelopment is expected to complete by May 2019. The redevelopment will also include the creation of a convention center with a seating capacity of 7,000 persons.

This project would provide an appropriate venue for international events and hotels are an important part of such programmes. Present facilities are far short of international standards. RR CS MR MR

Source:-https://timesofindia.indiatimes.com/business/india-business/cabinet-may-consider-proposal-for-construction-of-hotel-at-pragati-maidan-by-pvt-firm/articleshow/64561940.cms?from=mdr

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