By Accommodation Times Bureau
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 the third party including the private sector.
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 official statement said.
According to an official release from Cabinet measure is part of the Phase – I of a redevelopment project of PragatiMaidan 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 1,00,000sq.mtr. and a basement parking for 4,800 vehicles.
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.