NEW DELHI: Pragati Maidan in the national capital will be redeveloped into a world class Integrated Exhibition-cum-Convention Centre (IECC) at a cost of Rs 2,254 crore and the first phase is expected to be ready in about two-and-a half years.The redevelopment of Pragati Maidan as a modern, up-to- date centre for holding global conferences and exhibitions is envisaged in two phases. Phase-1 is expected to be completed by May 2019.The decision was taken at the Cabinet Committee of Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi CCEA has approved the proposal of India Trade Promotion Organisation (ITPO), a Mini Ratna Category-1 Company under the Department of Commerce, for redevelopment of Pragati Maidan by setting up of a world class IECC at Pragati Maidan, an official statement said."The total cost of the project will be Rs 2,254 crore. ITPO will utilise Rs 1,200 crore out of its free reserves towards funding of the project," it said.Further, ITPO will raise institutional loan/soft loan/ external aid/land monetisation for the balance amount of Rs 1,054 crore with government guarantee.Phase-1 of the project will result in redevelopment of nearly 3.26 lakh sq mtrs. After redevelopment, the exhibition space will be doubled to 1.19 lakh sq mtr as against 65,000 sq mtr presently."Redevelopment will also include creation of a state-of-the-art Convention Center with seating capacity of 7,000 persons," the statement issued after CCEA meet said.For execution of the mega project, ITPO has assigned the work to National Buildings Construction Corporation Ltd . ( NBCC ) as a Project Management Consultant.ITPO would call for global bidding for selection of project executor(s) for construction of the project."With India's growing international profile and increasing presence at summit, ministerial and other levels, a need has been felt to have a modern world class IECC at New Delhi to provide an appropriate venue for international events," the statement said.Present facilities fall far short of international standards.Further, to ease road congestion, grade separator will be provided at the junction of Mathura Road and Bhairon Road. Also, there will be direct connectivity through subway from Mathura Road to Ring Road across Pragati Maidan.