Cabinet approves ITPO to transfer 3.7 acres of land at Pragati Maidan

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 Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the plan and authorized 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 in favor of the SPV, which will be formed by India Tourism Development Corporation (ITDC) and Indian Railway Catering and Tourism Corporation (IRCTC) for the development and operation of a five-star hotel.

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.

In order to ensure completion of the hotel project at Pragati Maidan 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.

In line with the vision of the Government to revolutionize 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/destination.

The hotel facility is an integral part of the IECC project which will promote India as a global Meetings, Initiatives, Conferences, and Exhibitions (MICE) hub and promote trade & commerce along with employment generation. The hotel will add value to the IECC project and will benefit the Indian trade & industry.

Additionally, 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, revitalizing it and providing a vibrant platform to expand their business horizons and promote Indian goods and services.

(With Inputs from PIB)