YashoBhoomi: India’s quantum leap in the conference tourism industry and real estate boom

financialexpress.com:

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.

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.

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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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.

During the unveiling, Prime Minister Modi extended a warm invitation to stakeholders worldwide to leverage