The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party.
"Union Cabinet approves monetisation of 3.70 acres of land at Pragati Maidan by ITPO on long term leasehold basis for 99 years for construction and running of a hotel by a third party including private sector through a transparent competitive bidding process," an official statement said.
In January last year, the government approved the proposal of ITPO under the Department of Commerce, for redevelopment of Pragati Maidan by setting up of a world class IECC at Pragati Maidan here at the national capital.
"This measure is part of the Phase I of redevelopment project of Pragati Maidan i.e. IECC project," it added.
A hotel facility is an integral part of any meetings, initiatives, conferences and exhibition (MICE) hub/ destination and a suitable space of land is accordingly proposed by ITPO to be set apart for a five star/budget hotel.
This project would provide an appropriate venue for international events and hotels are an important part for such programmes. Present facilities are far short of international standards.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)