The funds raised through the process would be utilised by the India Trade Promotion Organisation (ITPO) to finance the Integrated Exhibition-cum-Convention Centre (IECC) project at Pragati Maidan.
ITPO is a body under the commerce ministry which runs the exhibition centre at Pragati Maidan.
The land would be monetised on long-term leasehold basis for 99 years for construction and running of a hotel by a third party.
The project was approved by the Cabinet Committee of Economic Affairs in January 2017 at an estimated cost of Rs 2,254 crore.
The project envisages construction of a world-class state-of-the-art exhibition-cum-convention centre with a seating capacity for 7,000 persons and a basement parking for 4,800 vehicles.
In January last year, the government approved the proposal of ITPO under the Department of Commerce, for the redevelopment of Pragati Maidan by setting up of a world-class IECC at Pragati Maidan here at the national capital.
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 of such programmes. Present facilities are far short of international standards.
According to ITPO, the entire project is expected to be completed by September 2019.