Approval for land monetisation at Pragati Maidan to build a five-star hotel

ITPO’s mega project to redevelop Pragati Maidan into a world class

International Exhibition and Convention Centre

ITPO authorised to transfer 3.7 acres of land at Pragati Maidan on a 99 year fixed leasehold basis

Special Purpose Vehicle to be formed by ITDC and IRCTC for development and operation of a five-star hotel with modern amenities

Hotel facility will add value to IECC project and promote India as a global destination for trade & commerce along with employment generation

Gives fillip to the landmark International Trade Fair which champions various flagship initiatives like ‘Make in India’, ‘Skill India’ and ‘Invest India’

Implementation of IECC project is in full swing and it is scheduled to be completed in 2020-21

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the plan and authorised India Trade Promotion Organisation (ITPO) to transfer 3.7 acres of land at Pragati Maidan on a 99 year fixed leasehold basis at a price of ₹ 611 crore in favour of the SPV, which will be formed by India Tourism Development Corporation (ITDC) and Indian Railway Catering and Tourism Corporation (IRCTC) for development and operation of a five-star hotel.

The implementation of the International Exhibition and Convention Centre (IECC) project is in full swing and is scheduled to be completed in the year 2020-21.

In order to ensure completion of the hotel project at Pragati Maidan in a fast track mode, the SPV will take necessary steps including selecting a suitable developer and operator third party through a transparent competitive bidding process to construct, run and manage (directly or through a professional brand) the hotel on a long-term fixed lease basis.

In line with the vision of Government to revolutionise India’s infrastructure and tourism with the best of standards and service, ITPO is implementing its mega project of redevelopment of Pragati Maidan into world-class IECC. Throughout the World, a hotel facility is an integral part of any Meetings, Initiatives, Conferences and Exhibitions (MICE) hub/destination.

The hotel facility is an integral part of IECC project which will promote India as a global Meetings, Initiatives, Conferences and Exhibitions (MICE) hub and promote trade & commerce along with employment generation. The hotel will add value to IECC project and will benefit Indian trade & industry.

Additionally, the International Trade Fair which has lakhs of visitors and small traders participating every year will also benefit from this transformation of Pragati Maidan. Increased facilities and modern amenities will greatly benefit the participating traders, entrepreneurs and visitors. This will ensure higher turnout at the Trade Fair, revitalising it and providing a vibrant platform to expand their business horizons and promote Indian goods and services.

Land monetisation: transfer of Pragati Maidan land on long term lease to an SPV for hotel development via competitive bidding. Approval authorises transfer of 3.7 acres at Pragati Maidan on a 99 year fixed leasehold to a Special Purpose Vehicle formed by India Tourism Development Corporation and Indian Railway Catering and Tourism Corporation for development and long term operation of a five star hotel. The SPV will select a developer and operator through a transparent competitive bidding process to construct, run and manage the hotel (directly or through a professional brand), enabling public asset monetisation to fast track the hotel component within the International Exhibition and Convention Centre redevelopment.