New Delhi, June 13 : The Union Cabinet on Wednesday approved monetisation of 3.7 acres of land at Pragati Maidan for construction and running of a hotel by a third party, including the private sector.
The said land, owned by India Trade Promotion Organisation (ITPO), will be monetised on long-term leasehold basis for 99 years through a transparent competitive bidding process, an official statement said.
"This measure is part of the Phase-I of redevelopment project of Pragati Maidan i.e. Integrated Exhibition-cum-Convention Centre (IECC) project," the statement said.
The project was approved by the Cabinet Committee of Economic Affairs in January 2017 at an estimated cost of Rs 2,254 crore.
The project envisages construction of a world class state-of-the-art exhibition-cum-convention centre with a seating capacity for 7,000 persons and a basement parking for 4,800 vehicles.
"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 and events for trade promotion," the government said.
According to ITPO, the entire project is expected to be completed by September 2019.