The #ITPO is all set to auction 3.7 acres prime land in Delhi’s Pragati Maidan for raising funds for the construction of nation’s biggest exhibition-cum-convention center. The amount will be used to build a 500-room hotel for guests.
The India Trade Promotion Organization (ITPO) Chief, Shri L C Goyal said that the project would require Rs. 2,250 Crore. He added, “The Cabinet has approved that we can raise an institutional loan from banks and financial institutions. We have about 3.7-acre land, which we will be monetizing. I personally feel that the successful bidder should get this land on freehold. But the decision will be taken by the Union Cabinet. We are moving a proposal seeking Cabinet nod.”
He further said that another Rs. 800 Crore will be spent for the refurbishment of the road infrastructure and connectivity around Pragati Maidan. The urban development ministry will give about 80% of this amount.
As per the sources, going by the prevailing land rates and past trends, ITPO is expecting to get more than Rs. 500 Crore from the sale of this parcel. The #NBCC (National Building Construction Corporation) is implementing this project. The NBCC already had auctioned 3-acre land in Chanakyapuri to Leela Hotels at RS. 500 Crore.
According to the officials, the amount, which ITPO will be raising from the banks, will be depended on the amount it gets from the auction of this land. Shri A K Mittal, Chief of NBCC said, “Top companies have shown interest to undertake work. The bids will be out in the next one month.”