Govt to allow part sale of Delhi’s Pragati Maidan to private parties
14 Jun 2018
The union cabinet on Thursday approved a proposal for monetisation of 3.70 acres of land at Pragati Maidan in the national capital by India Trade Promotion Organisation (ITPO) for construction and running of a hotel by a third party, including private sector.
The cabinet also approved waiver of land conversion charges levied by the land development office (L&DO) and waiver of land charges raised by the ministry of railways for the land lease.
The union cabinet chaired by Prime Minister Narendra Modi approved a proposal to offer the land parcel on a long-term lease-hold basis for 99 years for construction and running of a hotel by a third party through competitive bidding process.
This measure is part of the Phase-I of redevelopment project of Pragati Maidan, ie, Integrated Exhibition-cum-Convention Centre (IECC) project. It was approved by the CCEA in January 2017 at an estimated cost of Rs2,254 crore.
The IECC project envisages construction of a world class state-of-the-art exhibition-cum-convention centre with a seating capacity for 7,000 persons, exhibition space of over 1,00,000 sq mtr and a basement parking for 4,800 vehicles.
It also proposes that traffic decongestion measures be undertaken in and around Pragati Maidan to decongest the area.
Funds raised through monetisation of land will be one of the means of financing the IECC project, including summit level meetings and exhibitions and events for trade promotion by both central and state governments.
ITPO said the entire project will be completed by September 2019.