The iconic Pragati Maidan is all set to get a complete makeover for about Rs 3,000 crore as per an ITPO blueprint for rebuilding the exhibition ground to bring it on par with global standards.
The ambitious plan includes a state-of-the-art convention centre to accommodate 7,000 delegates in the heart of the national capital, which does not have many such facilities.
As per the proposal, modern centres would come up by demolishing the existing exhibition halls.
"This is my top priority. All the necessary approvals would be taken in maximum 3-4 months. The amount worked out is in the range of Rs 2,500 to Rs 3,000 crore. It will take around 3-4 years to complete the project. It will be done in two phases," India Trade Promotion Organisation CMD L C Goyal told PTI.
He said the existing state pavilions would also be brought up in such a way that they keep on doing their business by way of holding public interaction offices and the likes of investors' conference.
In the first phase, the non-air condition halls would be demolished and re-constructed; later, the remaining halls will be developed.
The two-phase project is important so that the venue is not shutdown completely and the revenue income of the organisation is not impacted, Goyal said.
"The idea is to make Pragati Maidan a major promotor of trade, commerce and exhibition. The proposal also include multi-level parking facilities and open space area," he said.
He said that to ease the access issue, small passage could also be created from the ring road side instead of the Mathura Road, which faces heavy traffic jams during trade fairs.
The world class infrastructure would also help in getting back the 'Auto Expo' again, which is currently shifted at Greater Noida, Goyal added.
Talking about the funding of this big project, the ITPO CMD said, "We need both equity and debt and institutional finance needs to be tied up."
The plan envisages increasing the operational area from 60,000 sq mt to about 2 lakh sq mt.
"The proposal will be cleared first by the ITPO board and then by the Commerce and Industry Ministry, Finance Ministry and finally it would be sent for the Cabinet Committee on Economic Affairs' nod," he said.