On Thursday, the India Trade Promotion Organisation (ITPO) began the process of inviting requests for proposals for leasing out the 3.7-acre land inside the Pragati Maidan complex, where a five-star hotel is to be built.
“Interested parties can send their proposals till December 28, after which we will begin the e-auction process, starting at a reserve price of Rs 611 crore,” said LC Goyal, ITPO chairman and managing director.
To be located near gate 1 on Bhairon Marg, the hotel will have exclusive entry and exit points, and will be connected to the exhibition-cum-convention centre on the surface and through the basement. “We haven’t specified the number of rooms the hotel should have. But it must have premium suites as international conferences and summits will take place here. Ideally, it should be ready by mid-2021,” said Goyal.
The work on the integrated exhibition-cum-convention centre (IECC) began last year, with a budget of Rs 2,698.53 crore. As per ITPO, the funds raised from leasing out the land for the hotel will be used for this project.
“The hotel is not an afterthought. It was envisaged when IECC was planned. Worldwide, convention centres have a hospitality segment. This will be the first time in India that an exhibition-cum-convention centre will have a hotel too,” said Goyal.
The request for proposals was uploaded on the Metal Scrap Trading Corporation website, as well as the IPTO website, on Thursday. On the need for a hotel inside the complex, Goyal said, “If anyone is attending a conference at Pragati Maidan, but staying a few kilometres away, they would prefer staying here to avoid traffic. Everything will be made available here.”