The India Trade Promotion Organisation (ITPO) has decided to go for an auction of 3.7-acres prime land in Pragati Maidan which helps collect funds for building the country’s biggest exhibition-cum-convention centre.
According to the past trends and increasing land rates, there is an estimation to raise about Rs 500 crore from the purchase deal in the bidding. The amount will be spent on building a hotel with 500 rooms for guests.
The construction of the exhibition-cum-convention centre will require around Rs 2,250 crore wherein ITPO is willing to push about 1,200 crore from its fund. The Cabinet is also open to banks and financial institutions to gather the required amount through institutional loans, confirms the chief of ITPO L C Goyal.
There will be another Rs 800 crore scheduled to spend on the development of the road infrastructure and connectivity around Pragati Maidan. The urban development ministry will contribute 80 per cent of the total amount.
“Top companies have shown interest to undertake work. The bids will be out in the next one month,” says A K Mittal, Chief, NBCC.
Source: ET Realty