Hotel to come up on ITPO land in Delhi

The Centre has approved monetisation of 3.70 acres of land at Delhi's Pragati Maidan by India Trade Promotion Organisation (ITJPO) through construction and running of a hotel on it.

The proposed hotel will be constructed by a third party, including those from the private sector.

The decision was taken by the Union Cabinet at its meeting chaired by Prime Minister Narendra Modi on Wednesday

"The Union Cabinet approved the monetisation of 3.70 acres of land at Pragati Maidan by ITJPO 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," the government said in a statement after the meeting.

This comes days after a massive row erupted over the award of a contract worth Rs 25 crore to the Dalmia Bharat Group for maintenance and creation of basic tourist facilities at Red Fort under the Union tourism and culture ministry's "Adopt a Heritage" programme.

The Cabinet's decision to allow monetisation of 3.70 acres of land at Pragati Maidan is part of the phase-I of redevelopment project for the creation of an integrated exhibition-cum-convention centre (IECC) on its premises.

The project was approved by the Cabinet Committee on Economic Affairs (CCEA) in January last year at an estimated cost of Rs 2,254 crore.

"Funds raised through monetisation of land will be one of the means of financing the IECC project which is essential for the Central government and the state governments to hold summit-level meetings and exhibitions/events for trade promotion," the government said.