The Centre has announced that it is going to launch a special purpose vehicle (SPV) to develop India’s largest exhibition cum convention centre in Delhi with an investment of Rs 26,000 crore.
The ultimate purpose of building this expo centre is to enhance the country’s share in the global MICE (Meetings, Incentives, Conferences and Events) market. With this investment, India would like to increase its contribution in exhibition and conference facilities in Asia which is now at only 4.9 per cent.
The proposed convention centre is set to become the largest projects of its kind in South Asia and expected to create almost 5 lakh direct and indirect employment opportunities. The proposed plan is to have 6,000 seating capacity with 10 exhibition halls and a total of 3,500 hotel rooms and retail space. It will be designed to host 5,000 to 10,000 delegates. The exhibition space and convention centre will be built on 200,000 sq. m. and 60,000 sq. m. of area respectively.
Reportedly, the department of industrial policy and promotion (DIPP) will be finalising the proposal of SPV which will be a joint venture of the Niti Aayog, the urban development ministry and the departments of economic affairs and expenditure. The centre has already given the approval of the transfer of 89 hectares of land from the Delhi Development Authority to the DIPP at a considerable amount of only Re 1.
The Delhi Metro Rail Corporation (DMRC) and the National Highways Authority of India are helping the project site connect with arterial roads and rail network. The DMRC has planned to provide one dedicated station for the centre. The Integrated Exhibition cum Convention Centre project is expected to be commissioned by June 2019.
Source: ET Realty