With a whopping cost of Rs2,254 crore is involved in the project, the ITPO will also take institutional loans from banks. A large part of funds, Rs 1,200 crore, will be taken out from its free reserve.
The star attraction of Pragati Maidan, the India International Trade Fair (IITF), will continue to be held at its old venue, even as the area will be redeveloped as the Integrated Exhibition-cum-Convention Centre (IECC) over the next two years.
Giving this information during a press conference held on Tuesday, LC Goyal, Chairman and Managing Director of the India Trade Promotion Organisation (ITPO), said: "Trade Fair will be held as per its schedule, from November 14 to 27, at Pragati Maidan only. The construction of IECC will not have any bearing on the event, whatsoever."
He, however, clarified that due to the reconstruction, IITF will be held at a "much-reduced scale", till the project is completed by July, 2019.
While responding to a query regarding demolition of the "heritage" buildings, the official said: "I would like to clear that no structure in Pragati Maidan was classified as heritage ever. The redevelopment plan is in sync with the global vision of the Prime Minister." He added that demolition was in full swing.
"As many as 50 per cent of buildings have already been dismantled while the state pavilions are in different stages of deconstruction. Hall 14, 18, and the administration block are the only structures left to be razed," Goyal said.
With a whopping cost of Rs2,254 crore is involved in the project, the ITPO will also take institutional loans from banks. A large part of funds, Rs 1,200 crore, will be taken out from its free reserve. The agency is also mulling raising money by leasing out 3.07 acre of land available at Pragati Maidan. Once, it gets clearance from the Environment Ministry, work will commence on IECC from July this year.
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