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.
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