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.