Monetisation of 3.70 acres land, 5-star hotel at Pragati Maidan also get approval
The Cabinet on Wednesday approved the monetisation of 3.70 acres of land at Pragati Maidan by India Trade Promotion Organisation (ITPO) 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. According to ITPO, the entire project is expected to be completed by September 2019.
The funds raised through the process would be utilised by the India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan.
ITPO is a body under the commerce ministry which runs the exhibition centre at Pragati Maidan.
The project envisages construction of a world class state-of-the-art exhibition-cum-convention centre with a seating capacity for 7,000 persons and a basement parking for 4,800 vehicles.
A hotel facility is an integral part of any meetings, initiatives, conferences and exhibition (MICE) hub/ destination and a suitable space of land is accordingly proposed by ITPO to be set apart for a five star/budget hotel.
This project would provide an appropriate venue for international events and hotels are an important part for such programmes. Present facilities are far short of international standards.
“Union Cabinet approves monetisation of 3.70 acres of land at Pragati Maidan by ITPO 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,” the Government statement said.
In January last year, the government approved the proposal of ITPO under the Department of Commerce, for redevelopment of Pragati Maidan by setting up of a world class IECC at Pragati Maidan at the national capital.
“This measure is part of the Phase - I of redevelopment project of Pragati Maidan project,” it added. “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 and events for trade promotion,” the government said.
Many analysts are of the view that there must be stern safeguards and timelines for the private builders in case the Centre decides to give the land on a freehold basis. According to officials, the ITPO will utilise Rs 1,200 crore out of its free reserves towards funding of the project. It will raise institutional loan / soft loan / external aid / land monetization for the balance amount of Rs 1,054 crore with government guarantee for the amount of institutional loan.
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