In a groundbreaking move, Prime Minister Narendra Modi recently inaugurated Yashobhoomi, India’s largest convention center, situated in Dwarka, Delhi. This ambitious venture is set to redefine India’s standing in the global conference tourism sector, aiming to tap into the estimated Rs 25 lakh crore industry. As a real estate expert, I delve into the intricacies of Yashobhoomi’s impact on the Dwarka Expressway property market.
Prime Minister Modi’s Vision:
The unveiling of Yashobhoomi aligns with Prime Minister Modi’s strategic vision to boost India’s presence in the global conference tourism market, currently at a modest 1 percent. Yashobhoomi and Bharat Mandapam signify India’s commitment to hosting international conferences, meetings, and exhibitions, showcasing a bold step towards global prominence.
Understanding Conference Tourism:
Conference tourism, as defined by the UN World Tourism Organization, involves gatherings of 10 or more participants for a minimum of four hours in a contracted venue, located more than 50 miles away from home. This segment, often referred to as MICE tourism (Meetings, Incentives, Conferences, and Exhibitions), has seen a recent trend towards using the term “meetings industry” to encompass its broad scope.
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Yashobhoomi: A Game-Changing Facility:
With a colossal project area exceeding 8.9 lakh square meters and a built-up area of over 1.8 lakh square meters, Yashobhoomi is set to become one of the world’s largest MICE facilities. The facility’s state-of-the-art resources position India as a global hub for events, meetings, and exhibitions, contributing significantly to the country’s tourism and economic sectors.
Invitation to Global Stakeholders:
During the unveiling, Prime Minister Modi extended a warm invitation to stakeholders worldwide to leverage Yashobhoomi’s facilities. The fusion of Indian culture with modern amenities at Bharat Mandapam and Yashobhoomi serves as a powerful symbol of India’s narrative to the global community.
Bharat Mandapam’s Success and Future Prospects:
Building on the success of Bharat Mandapam, which recently hosted the G20 leaders’ summit, Prime Minister Modi expressed confidence that Yashobhoomi would surpass expectations. He highlighted the facility’s potential to showcase the ‘India of the future’ on the global stage, emphasizing India’s commitment to hospitality, excellence, and grandeur.
Real Estate Boom:
The launch of Yashobhoomi has triggered a surge in demand for office spaces and residential properties in the surrounding areas. Organizations related to business with Yashobhoomi are actively seeking nearby office spaces, creating a demand for commercial development. Additionally, the scope of projects on Dwarka Expressway and commercial sectors is set to witness substantial growth, attracting Fortune 500 companies to operate in the International Airport nearby areas.
Conclusion:
With Yashobhoomi’s inauguration, India propels itself into a leading position in the Rs 25-lakh crore conference tourism industry. The real estate sector, particularly along Dwarka Expressway, stands to benefit from the burgeoning demand for office and residential spaces. As a real estate expert, I anticipate that the opening of Dwarka Expressway before the upcoming Lok Sabha elections will further amplify these positive developments. Stay tuned for more updates on how Yashobhoomi shapes India’s growth and success in the conference tourism arena.
(By Pradeep Mishra, Founder, Homents Pvt Ltd. Views are personal)
