The Union Cabinet has approved monetisation of land at Pragati Maidan in the heart of the national capital for building a five-star hotel. The India Trade Promotion Organisation (ITPO), which manages the Pragati Maidan, will transfer 3.7 acres of land at Pragati Maidan on a 99-year fixed lease for developing the 5-star hotel. A Special Purpose Vehicle (SPV) will be formed by the Indian Tourism Development Corporation (ITDC) and the Indian Railway Catering and Tourism Corporation (IRCTC) for development and operation of a five-star hotel with modern amenities.The hotel facility will add value to the International Exhibition and Convention Centre (IECC) project, which envisages the promotion of India’s trade and commerce along with employment generation. IECC is expected to be completed by 2021. Throughout the World, a hotel facility is an integral part of any meetings, initiatives, conferences and exhibitions, the statement said. The massive project that goes beyond Rs. 4000 Crore, will become the epicentre of large. events and at par with the globally best MICE venues.