Market to get facelift soon

Market to get facelift soon
By S Praveen Dhaneshkar, DH News Service, Bangalore:
The existing market will make way for the multi-level parking lot. Traders and small business establishments will be rehabilitated at a new market complex that will be constructed on land opposite the present market.

Malleswaram residents will get to see a sea-change on the busy Sampige Road in a few months from now.
No, its not just the underpass that is being constructed. The BBMP’s grandiose plan of demolishing the existing Malleswaram market and constructing a multi-level parking lot and swanky market complex on a PPP (public-private-partnership) basis will take off on June 11.

BBMP Commissioner K Jairaj told Deccan Herald, the existing market will make way for the multi-level parking lot. Traders and small business establishments will be rehabilitated at a new market complex that will be constructed on land opposite the present market.

Existing traders can breathe easy as the BBMP says they would be asked to vacate the premises, only after the remodelled market is constructed. “Construction of the parking lot would begin later. The developer entrusted with the construction of the multi-level parking/commercial plaza can also lease out shopping units to branded shops. This way existing establishments are also assured of their livelihood” add BBMP sources.

BBMP Dy Commissioner (Markets) Mandanna said, ”The project could be developed at a cost of Rs 50 to 70 crore and would be built on a 30 year DBOT (design-build-operate-transfer) basis.

When asked as to why the BBMP had decided to go in for a PPP model, Mr Mandanna said the prime land on which the present market stands deserved a world class park and shop plaza. The success of private participation in earlier projects such as the Garuda Mall on Magrath Road and Kempegowda Maharaja on KG Road made the BBMP to go in for DBOT model. “It would not only absolve BBMP of developing and maintaining it on a regular basis, but also generate revenue. Past experience shows private participation has given the City state-of-the-art design and onstruction.”