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ITPO to set in motion monetisation of 3.70 acre land at Pragati Maidan for Hotel development

Wednesday, June 13, 2018, 20:57 Hrs  [IST]
HBI Staff|New Delhi

As part of the ongoing redevelopment of Pragati Maidan, India Trade Promotion Organisation (ITPO), has set in motion the process of monetising 3.70 acres within Exhibition Ground in the heart of Delhi for Hotel development. A third-party promoter will be selected through a transparent open competitive bidding for building, managing and operating a hotel. The successful bidder will have to complete the project within three years of the handing over of the site after completion of the bidding process. 

Worldwide, world class Meetings, Incentives, Conferences and Exhibitions (MICE) destinations have hospitality component and that is what made ITPO to conceive a hotel as part of the ongoing International Exhibition and Convention Centre (IECC) at Pragati Maidan.

 On receiving the approvals for monetisation of land for hotel within Pragati Maidan from the government, LC Goyal, Chairman, ITPO said that it is another milestone towards redevelopment of Pragati Maidan into a world class state-of-the-art Exhibition and Convention Centre. He further added that the hotel within the complex will add immense value to the new IECC coming up at Pragati Maidan for which the work is going at a fast pace and is scheduled to be completed by the end of September, 2019. 

The IECC project and traffic interventions project have the capital outlay of INR 3437cr.

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