The government on Wednesday approved transfer of 3.7 acres of land at Pragati Maidan here to ITDC and ITPO on a 99-year lease for ₹611 crore to set up a five-star hotel.
The decision for monetisation of land at Pragati Maidan to build a five-star hotel was taken up at the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
Giving details, Information and Broadcasting Minister Prakash Javadekar said India Trade Promotion Organisation (ITPO), which manages the Pragati Maidan, will undertake a mega project to redevelop the land into a world-class International Exhibition and Convention Centre.
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The implementation of the International Exhibition and Convention Centre (IECC) project is in full swing and scheduled to be completed in the year 2020-21, said an official release.