The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the monetization of 3.70 acres of land at Pragati Maidan by India Trade Promotion Organisation (ITJPO) 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 PragatiMaidan i.e. Integrated Exhibition-cum-Convention Centre (IECC) Project. It was was approved by the CCEA in January 2017 at an estimated cost of ₹ 2254 crore. IECC project envisages construction of a world class state-of-the-art Exhibition-cum-Convention Centre with a seating capacity for 7,000 pax, exhibition, space of over 1,00,000sq.mtr. and a basement parking for 4,800 vehicles. Traffic decongestion measures in and around the PragatiMaidan will also lead to decongestion of the area.

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/Events for tradepromotion.

The work for IECC project as well as the traffic decongestion solutions is in full swing. ITPO has stated that the entire project is expected to be completedby September 2019. IECC project will benefit Indian trade and industry, and help increase India’s foreign trade.

Land monetization approved for long-term lease to enable hotel development and fund an integrated convention centre. Approval is granted for monetization of 3.70 acres at Pragati Maidan by India Trade Promotion Organisation through a long term leasehold to permit construction and operation of a hotel by a third party selected via competitive bidding, with proceeds to finance Phase I of the Integrated Exhibition cum Convention Centre redevelopment. The decision includes waivers of charges levied by the Land & Development Office and land charges raised by the Ministry of Railways to remove financial encumbrances and facilitate project completion.