5-star Hotel To Come Up On Part Of Existing Pragati Maidan In Delhi
New Delhi: A 5-star hotel will be developed on part of the existing Pragati Maidan in Delhi. The government has approved the a plan to authorise India Trade Promotion Organisation (ITPO) to transfer 3.7 acres of land at Pragati Maidan where the hotel will be set up.
The Union Cabinet today authorized the ITPO to transfer the land parcel on a 99-year fixed leasehold basis at a price of around Rs 611 crore in favour of a SPV that will be formed by Indian Railway Catering and Tourism Corporation (IRCTC) and India Tourism Development Corporation (ITDC) for the development and operation of the hotel.
The hotel will become an integral part of International Exhibition and Convention Centre (IECC) that is being developed in place of the existing Pragati Maidan. It is envisaged that IECC, together with the hotel, will help promote India as an international global Meetings, Initiatives, Conferences and Exhibitions (MICE) hub, government said in a statement today.