We will facilitate clearances & approvals to ensure the hotel project gets completed in 3 years: CMD ITPO

With the India Trade Promotion Organisation (ITPO) having set the ball rolling for the bidding process for hotel development part of the comprehensive Pragati Maidan redevelopment project, and the technical bids set to open on January 15, LC Goyal, its Chairman and Managing Director, has assured bidders that the agency will extend all the help and support to the successful bidder to get all the necessary approvals and clearances so that the project is completed in the stipulated 3-year time frame. The assurance comes in the wake of concerns expressed by the bidders regarding the stringent provision of 3-year completion time stipulated in the bidding document. ITPO had to differ the opening of Technical bid scheduled for December 28 as bidders sought clarification on that clause before the bids are opened.

Allaying the concerns, Goyal said that while it is the “responsibility of the successful bidder” to get all the clearances, approvals, etc., required for the project, ITPO will “facilitate the process” so that possible delays are avoided. “Bidders need not to entertain any doubt in this regard. We are quite serious and keen about it that the hotel comes up at the earliest. At every stage we will facilitate speedy approvals,” he said.

While the time frame allowed is 3 years, Goyal said that they will consider the project is completed in case the successful party is able to operationalise at least 50% of the inventory by the set time period.

ITPO expects to complete the bidding process and hand over the proposed 3.7 acre land for hotel development in the next couple of months. The e-auction process will begin once the technical bids are opened. ITPO has engaged NBCC and MSTC for this. “We hope to receive good response from bidders,” the CMD said. He is positive that they will be able to complete the e-auction, execution of lease deed and handing over the land to the successful bidder, etc. in the next couple of months.

Goyal said that people are quite clear about other matters related to the RFP including the reserve price, minimum qualifications like turn over, experience, etc.

While there are no guidelines as far as the size of the inventory in the proposed hotel, he said that the hotel needs to be of 5-star category and above with good number of premium suites in it.

It will be 99-year fix lease that ITPO will be entering into with the successful bidder. The 3.7 acre land (approx 15,000 sq m) will have an FAR of 3.7 with ground coverage of 40%. “It’s a prime location with an assured captive audience for a hotel. The hotel will have seamless connectivity to the convention and exhibition centre,” the CMD said. ITPO has set a Reserve price of INR 611.30 cr for the land.

Talking about the redevelopment work which is currently underway, Goyal expressed the hope that they will be able to reopen the new convention and exhibition facility by October 2019. Although the project has lost precious 4 to 6 weeks time due to ban on construction work by courts to contain pollution, they hope that they will be able to make up and open the facility as per the scheduled timeline.

There will be six exhibition halls with world-class amenities and an iconic convention centre with an aggregate capacity of 11,450 pax in the new project. The new convention centre will have over 25 meeting rooms of different capacities, the largest one being with a capacity of 7,500 pax. “It’s going to be an architectural and engineering marvel. Its implications will be beyond Pragati Maidan in terms of benefits. The whole development will be unique symbol of New India and will set the trend for future developments,” Goyal stated.

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