A parameter cannot be found that matches parameter name 'bindings'. while creating a website using powershell script

I get the error "A parameter cannot be found that matches parameter name 'bindings' "while trying to create a website using the below power shell script. The strange part is, the same script was working couple of days ago.

New-Item IIS:\Sites\DemoSite -bindings @{protocol='http';bindingInformation=':801:DemoSite'} -PhysicalPath C:\inetpub\DemoSite