<p class="title rtejustify">The Union Cabinet on Wednesday approved a proposal for leasing out 3.7 acres of land at Pragati Maidan to a private player for construction of a hotel.</p>.<p class="bodytext rtejustify">The funds raised through the process would be utilised by the India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan.</p>.<p class="bodytext rtejustify">ITPO is a body under the commerce ministry which runs the exhibition centre at Pragati Maidan.</p>.<p class="bodytext rtejustify">The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party.</p>.<p class="bodytext rtejustify">"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.</p>.<p class="bodytext rtejustify">In January last year, the government approved the proposal of ITPO under the Department of Commerce, for redevelopment of Pragati Maidan by setting up of a world-class IECC at Pragati Maidan here at the national capital.</p>.<p class="bodytext rtejustify">"This measure is part of the Phase – I of redevelopment project of Pragati Maidan i.e. IECC project," it added.</p>.<p class="bodytext rtejustify">A hotel facility is an integral part of any meetings, initiatives, conferences and exhibition (MICE) hub/ destination and a suitable space of land is accordingly proposed by ITPO to be set apart for a five star/budget hotel.</p>.<p class="bodytext rtejustify">This project would provide an appropriate venue for international events and hotels are an important part for such programmes. Present facilities are far short of international standards. </p>
<p class="title rtejustify">The Union Cabinet on Wednesday approved a proposal for leasing out 3.7 acres of land at Pragati Maidan to a private player for construction of a hotel.</p>.<p class="bodytext rtejustify">The funds raised through the process would be utilised by the India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan.</p>.<p class="bodytext rtejustify">ITPO is a body under the commerce ministry which runs the exhibition centre at Pragati Maidan.</p>.<p class="bodytext rtejustify">The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party.</p>.<p class="bodytext rtejustify">"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.</p>.<p class="bodytext rtejustify">In January last year, the government approved the proposal of ITPO under the Department of Commerce, for redevelopment of Pragati Maidan by setting up of a world-class IECC at Pragati Maidan here at the national capital.</p>.<p class="bodytext rtejustify">"This measure is part of the Phase – I of redevelopment project of Pragati Maidan i.e. IECC project," it added.</p>.<p class="bodytext rtejustify">A hotel facility is an integral part of any meetings, initiatives, conferences and exhibition (MICE) hub/ destination and a suitable space of land is accordingly proposed by ITPO to be set apart for a five star/budget hotel.</p>.<p class="bodytext rtejustify">This project would provide an appropriate venue for international events and hotels are an important part for such programmes. Present facilities are far short of international standards. </p>