Govt may consider proposal for construction of hotel at Delhi’s Pragati Maidan by private firm

The 3.7 acres land at Delhi’s Pragati Maidan would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party, government sources said.

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.

Construction at Pragati Maidan ahead of the trade fair, in New Delhi. (Arun Sharma/HT File Photo)

The funds raised by 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.

The land would be monetised 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 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 ₹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. Redevelopment will also include creation of a convention centre with seating capacity of 7,000 persons.