By Raheja Developers | 21st May 2019

3.7 acres land in Pragati Maidan to be Auctioned to Raise Funds

LC Goyal chief of The India Trade Promotion Organisation (ITPO) had announced that 3.7 acres prime land in Pragati Maidan will be put for an auction in order to raise funds for building exhibition-cum-convention center that is going to be the country’s biggest center. The money that will be raised by the auction will be used to build a hotel for the guests with 500 rooms. “The project would require Rs 2,250 crore. ITPO will pump in about Rs 1,200 crore. “The Cabinet has approved that we can raise an institutional loan from banks and financial institutions. We have about 3.7-acre lands, which we will be monetizing.

He also said that “I personally feel that the successful bidder should get this land on freehold. But the decision will be taken by the Union Cabinet. We are moving a proposal seeking Cabinet nod.” & another Rs 800 crore will be spent for an overhaul of the road infrastructure and connectivity around Pragati Maidan. At least 80% of this amount will come from the urban development ministry”.

As the land is at a prime location & watching the past trends & according to the present land rates  ITPO will definitely raise more than Rs 500 Crore by this auction. According to the officials “the loan amount ITPO will raise from banks will depend on the amount it gets from the auction of the land”. “Top companies have shown interest to undertake work. The bids will be out in the month of June,” said NBCC chief A K Mittal.

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