Prakash Javadekar said ITPO will undertake the mega project to redevelop the land. (File)

The Union Cabinet on Wednesday 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 undertake a mega project to redevelop the land into a world class International Exhibition and Convention Centre, Information and Broadcasting Minister Prakash Javadekar said.

ITPO 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.