Yashobhoomi: India's Newest Convention Center
Yashobhoomi, recognized as India's most expansive convention center, has been inaugurated by Prime Minister Narendra Modi in a landmark ceremony in Dwarka, Delhi. Capitalizing on the industry, which boasts an estimated worth of Rs 25 lakh crore, this initiative is strategically positioned to redefine India’s prominence within the global conference tourism arena and influence the Dwarka Expressway real estate market.
Prime Minister Modi's Vision
The inauguration of Yashobhoomi aligns seamlessly with Prime Minister Modi’s strategic blueprint to elevate India’s current share in the global conference tourism market. Currently, India holds a relatively modest 1% share. Both Yashobhoomi and Bharat Mandapam exemplify India’s steadfast commitment to hosting a diverse array of international conferences, meetings, and exhibitions, thus signaling a bold stride toward achieving global eminence.
Defining Conference Travel
Conference travel, as defined by the UN World Tourism Organization, encompasses gatherings of ten or more individuals for a duration of at least four hours, held at a contracted venue situated more than fifty miles from the participants’ homes. This segment, frequently referred to as MICE tourism (meetings, incentives, conferences, and exhibitions), has witnessed an upswing in recent times, with the broader scope now recognized as the “meetings industry.”
Yashobhoomi: An Innovative Space
Encompassing a sprawling project area exceeding 8.9 lakh square meters and featuring a built-up area surpassing 1.8 lakh square meters, Yashobhoomi is poised to ascend among the world’s premier MICE facilities. This convention center offers great modern amenities. These facilities not only distinguish India as a prominent global hub for conferences, events, and exhibitions, but they also substantially invigorate both the travel and business sectors nationwide.
Appeal to International Stakeholders
During the inauguration, Prime Minister Modi extended an invitation to all international stakeholders, encouraging them to leverage the extensive resources available at Yashobhoomi. The integration of state-of-the-art amenities with elements of Indian culture, as seen at Bharat Mandapam and Yashobhoomi, serves as a powerful representation of India’s narrative on the global stage.
Bharat Mandapam's Success and Future
Building upon the triumph of Bharat Mandapam, which has hosted the G20 leaders’ summit, Prime Minister Modi voiced his confidence that Yashobhoomi would not only meet but surpass expectations. According to him, the facility possesses the capacity to present “India of the future” to the international community, thereby underscoring Country’s dedication to hospitality, grandeur, and superlative standards.
Real Estate Boom
The introduction of Yashobhoomi has precipitated a surge in demand for both residential and commercial real estate in the proximate vicinity. Attributed to the mushrooming of Yashobhoomi-related enterprises, there exists a palpable need for commercial development as businesses actively pursue adjacent office spaces. What’s more, the scale of the Dwarka Expressway and its corresponding commercial sectors is poised for substantial expansion, thereby enticing Fortune 500 companies to establish their presence in close proximity to the International Airport.
In Conclusion
With the advent of Yashobhoomi, India ascends to the forefront of the burgeoning 25 million-dollar conference tourism industry. The anticipated surge in demand for both office and residential spaces is poised to confer considerable advantages upon the real estate sector, especially along the Dwarka Expressway. Opening of the Dwarka Expressway, slated before the forthcoming Lok Sabha elections, stands to amplify these encouraging advancements even further. Please continue visiting for further updates as Yashobhoomi influences advancement and affluence of conference tourism.