Swanky mall to replace Malleswaram market

Swanky mall to replace Malleswaram market
Saturday April 26 2008 09:28 IST

Basavaraj Itnal
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BANGALORE: The crowded Malleswaram market would soon be replaced with a swanky mall, complete with multilevel car parking (MLCP).

Taking its experiment in public private partnership further, Bruhat Bangalore Mahanagara Palike (BBMP) has identified a consortium of Ansal Housing and PVK Infrastructure as joint venture partners.

Market and mall

Malleswaram market is spread over 1.64 acres on Sampige Road. Interestingly, the new market is not planned on the same land.

The market would be shifted to an adjacent plot measuring 0.44 acres on which 42 hutments and 9 BBMP quarters presently exist.

Palike has made arrangements to shift residents to new flats built for urban poor under Jawaharlal Nehru National Urban Renewal Mission (JNNURM).

The BBMP quarters will be demolished and the residents will be allotted houses elsewhere. The new market will be built on this land and the current traders will be relocated at the new mall.

The DeBOT route Under a design, build, operate and transfer (DeBOT) contract, the consortium will rebuild the market and build the mall at their expense. The consortium will get a 30-year lease on the mall.

During this period, the consortium shall pay a quarterly concession fee of Rs 54 lakh for the mall, Rs 52 lakh for market and Rs 85 lakh for MLCP.

The other bidders were Mysore International Hotel Pvt Ltd, JSR Construction Pvt Ltd, GVPR Ltd and GM Properties.

A technical committee comprising Thomas Architects, Mathew and Gosh Architects, Jaffer Khan Associates, former PWD secretary Capt Raja Rao and IDeCK have shortlisted the developers for the project and BBMP has passed a resolution accepting it.

Earlier joint Ventures

BBMP has a mix of experiences in joint ventures. JV route was mooted by S M Krishna’s government in 2001. Palike first entered into a JV agreement to develop its land next to the hockey stadium in Shanthinagar.

The land was developed by Divyashree Group as Divyashree Chambers but BBMP lost its control as the developer bought the civic body out. Another JV on Garuda Mall was first conceived as a multi level car park to decongest roads around Brigade Road, but it has turned to be just another mall.

Sources said BBMP was wiser now and that no ownership would be transferred to the developer in the case of the Malleswaram Market.