Union Cabinet approves construction contract for part of Pragati Maidan

June 14, 2018 01:45 am | Updated 01:45 am IST

On Wednesday, a statement by the Press Information Bureau confirmed that the Union Cabinet approved the monetization of 3.70 acres of Pragati Maidan by India Trade Promotion Organisation (ITJPO). This section of land has been leased for 99 years to a third party that won it through a bidding process.

This move by the Union Cabinet is a step in Phase-I of its development initiative for the Pragati Maidan plot, the Integrated Exhibition-cum-Convention Centre (IECC). The IECC Project approved in January 2017 is estimated to cost Rs. 2254 crore and will be funded by the monetization contracts.

Along with a running Hotel, the land will have a technologically advanced exhibition and convention centre of 1,00,000 sq.mtr with a seating capacity of 7,000 and basement parking of 4,800 spaces.

This endeavour is predicted to benefit the domestic and foreign trade industries by being an essential space for Summit Level Meetings and commercial exhibitions and events held by the Centre and state governments.

To avoid crowding and traffic around the area, the IECC will be planned with decongestion methods.

The ITOP expects the project to be completed by September 2019.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.