Indian Government gave nod to the development of a five-star hotel at New Delhi’s famous Pragati Maidan. The hotel is set to be a substantial part of the Meetings, Initiatives, Conferences, and Exhibitions (MICE) hub.
Crux of the Matter
The Government has authorized the India Trade Promotion Organisation (ITPO) to hand over 3.7 acres of land of Pragati Maidan to the Special Purpose Vehicle (SPV) formed by the Indian Railway Catering and Tourism Corporation (IRCTC) and the India Tourism Development Corporation (ITDC).
The land will be delivered on a 99-year fixed leasehold basis at INR 611 crore.
The SPV will be given the authority to fast track the development through the selection of a proper developer and a third party operator through a competitive bidding process.
Development of the Pragati Maidan into a global International Exhibition and Convention Centre (IECC) will integrate the five-star hotel and help India become a hub of global Meetings, Initiatives, Conferences and Exhibitions (MICE).
Curiopedia
Pragati Maidan is a venue for large exhibitions and conventions in New Delhi. It has an area of nearly 150 acres of exhibition space. It is owned, operated, controlled and managed by India Trade Promotion Organization (ITPO), the trade promotion agency of the Ministry of Commerce and Industry, Govt. of India. It was demolished in April 2017. More Info
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