CSMC vows to encourage investors in Nehru Bhavan Shopping Complex

Lokmat News Network

Chhatrapati Sambhajinagar:

The Chhatrapati Sambhajinagar Municipal Corporation (CSMC) is constructing its ambitious Nehru Bhavan Shopping Complex, near Aam Khas Maidan, by spending Rs 30 crore.

Earlier, the civic administration failed to get response from the buyers to its galas in the complex due to tedious terms and conditions. Taking a lesson from it, the CSMC revised the terms and conditions and made few changes to attract the investors and allot a maximum number of shops. The CSMC has re-invited the tender to allot the galas of this complex. Meanwhile, the experts again fear that the shops will not find the takers in the second attempt as well?

The new terms and conditions stated the galas will be allotted to the highest bidders and those paying high earnest money deposit (EMD); will have to pay 18 per cent GST on the quoted lease rent; the rent will be revised by 10 percent every three years; EMD will be refunded without any interest after 30 years; the occupant can return the possession of his shop after five years and he will get his refund within three months after handing over possession the shop to CSMC; the lease period will be of 30 years and a new lease agreement will be made after end of the term. The occupant can sub-let his shop after seeking permission from CSMC on payment of Rs 5,000. However, he/she cannot sell or hand over possession of the shop to anyone. Moreover, he cannot also obtain a loan by mortgaging the shop in his possession.

Meanwhile, the citizens from weaker sections (like Women, Disabled Persons, Scheduled Caste and Scheduled Tribe) can sign a Joint Venture with any person/organisation as financial assistant and participate in the tender process. After approval, the CSMC will sign an agreement with both the person and the organisation, it is learnt.