Nagpur's Gokulpeth Market Will Soon Be Converted Into A 21-Floor Shopping Mall

The complex will have shops, offices, multiplex, and restaurants

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The Nagpur Improvement Trust (NIT) is planning to refurbish the Gokulpeth market with a two-floor basement parking and a G+21 floors building.

Instead of taking funds from the state government, the project will be developed by a civic agency which will take care of designing, building, financing, operating and transferring (DBFOT).

NIT had already invited companies to submit the tenders regarding this project. A pre-bid meeting was organized on January 21 and the last date of submitting the tender is February 9.

The project will proceed in a time-bound manner.

"We are hoping for a good response from private companies for the project. We have prepared a tentative plan for the project. Developers can also come up with their own plan. The condition is to accommodate existing leaseholders of shops allotted by NIT and also Nagpur Municipal Corporation (NMC)," TOI quoted NIT chairman Deepak Mhaisekar. 

Last year, Maharashtra chief minister Devendra Fadnavis has directed NIT to develop this project in NMC’s place.

The cost to develop the project is estimated to be around Rs 400 crore. The NIT is also hopeful of getting premium and ground rent from the project. The project is located in one of the prime locations of the city on a sprawling area of over 14,000 sq metres. 

NIT will demolish the current G+3 floor commercial complex.

"Construction cost will be recovered from NMC leaseholders. Vegetable, fruit vendors, meat sellers and retailers who have NMC lease will be accommodated on the ground floor," said an NIT official. 

Corporator Sanjay Bangale informed that the NMC and NIT leaseholders have already given their consent for this project.

"NMC had planned the mall in 2004 and also issued a work order to private company Unity Infraprojects in 2006. Some shopkeepers opposed the project, so it was delayed. Then, NIT claimed ownership of the land. Fadnavis held three meetings with officials of NMC, NIT and representatives of shopkeepers, to get everyone's consent.The project will get a good response from private developers as it is located in city's most prime location. Unity had quoted premium of Rs 127 crore to NMC in 2006. Now, the land value has increased manifold and there is a huge demand for commercial space in the Gokulpeth market," he said. 

The project building will accommodate about 1,000 four-wheelers and 2,500 two-wheelers in its two-story basement.

Looks like the parking issue in Gokulpeth and Dharampeth will finally resolve!  

Information Source: TOI

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Sumaiya Sheikh (WRITER)

Sumaiya believes in expressing her thoughts with the sword of words. This management lover handled 30 and 100 volunteers for All India Interschool Personality Contest in 2013 & 2016 respectively, by Oxford Speakers’ Academy. A chatterbox, she also hosted three shows at All India Radio. This compotator represented KKSU in the inter-university debate competition - Indradhanushya.