 "An illustrative picture of the under-construction convention centre at Pragati Maidan in New Delhi, where the five-star hotel is likely to come up (Photo: Indiatradefair.com)")
The Union commerce ministry’s plan to house a five-star hotel in the capital’s upcoming mega exhibition centre at Pragati Maidan may come a cropper.
Hospitality firms have said the reserve price of Rs 6.11 billion for the land alone makes the proposition unviable. The fund raised from the land is supposed to part pay the International Exhibition Cum Convention Centre’s (IECC’s) cost of Rs 34.47 billion.
The India Trade Promotion Organisation (ITPO), which is under the commerce ministry, is the nodal agency in charge of completing the IECC and wants to lease 3.7 acres for 99 years for the hotel. The hotel
