Chennai civic body to revamp old commercial complexes under PPP model

CHENNAI: In a few years, rundown shopping complexes owned by Greater Chennai Corporation across the city may be replaced by malls or office spaces. The corporation has begun discussions on giving out these shopping complexes under public-private partnership, identifying the need to upgrade the look and feel of small commercial establishments in the city. According to multiple sources, the corporation has finalised a three-pronged strategy. The complexes which are dilapidated will be demolished, while some others will be modernised by giving them out to builders. The ones that are in a semi-decent shape will be partially modified, while those which are in good condition will be touched up with a coat of paint and other external embellishments. Not only would this be a better utilisation of space, it would also generate revenue for the cash-strapped civic body, said officials. As on date, the corporation has 152 complexes across 15 zones wherein there are around 6,000 shops.

Every year, approximately Rs 200 crore is earned as revenue from the shopkeepers. The Royapuram and Teynampet zones have 64 such buildings. According to official data, some of these structures were built in the 1960s and 1970s and are in a ramshackle condition. The youngest complex, the Adyar fruit market, is around four years old, while many are 10-20 years old. These complexes also host Amma canteens and various government offices, including courts like the National Green Tribunal. Reuse of these complexes will be given out to private participants who may also be given the job of leasing out the space and collecting rent from the traders, an official said.


Source: https://realty.economictimes.indiatimes.com/news/commercial/chennai-civic-body-to-revamp-old-commercial-complexes-under-ppp-model/74503872

March 06, 2020

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