The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a plan and authorised India Trade Promotion Organisation (ITPO) to transfer 3.7 acres of land at Pragati Maidan on a 99 year fixed leasehold basis at a price of Rs. 611 crore to set up a five-star hotel.
India Tourism Development Corporation (ITDC) and Indian Railway Catering and Tourism Corporation (IRCTC) will form an SPV for the development and operation of the five-star hotel.
India Trade Promotion Organisation (ITPO), which manages the Pragati Maidan, is implementing its mega project of redevelopment of Pragati Maidan into a world-class International Exhibition and Convention Centre (IECC).
The establishment of the 5 star hotel will add value to the IECC project and will benefit the Indian trade and industry.
Biltrax Construction Data is tracking this project on their technology platform for their Clients.
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