New Delhi:
The Union Cabinet on Wednesday cleared a proposal for leasing out 3.7 acres of land at Pragati Maidan to a private firm for construction of a hotel.
"Union Cabinet approves monetisation of 3.70 acres of land at Pragati Maidan by ITPO 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," an official statement said.
The India Trade Promotion Organisation (ITPO)would utilise the funds through the process 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.
In January 2017, the government approved the ITPO proposal under the Department of Commerce, for the redevelopment of Pragati Maidan by setting up of a world-class IECC in the premise.
"This measure is part of the Phase-I of the redevelopment project of Pragati Maidan i.e. IECC project," it added.
