The Hindu 05.09.2012
Namakkal Municipality to build shopping mall at Rs. 23.5 crore
The Namakkal Municipality, which won the third best municipality award from Chief Minister Jayalalithaa at the 66th Independence Day celebration, is planning to give a facelift to the developing town by establishing a shopping mall near the Tiruchengode and Salem Road junction.
Municipal Chairman R. Karigalan said that it would be the first of its kind mall in the State to be established by a local body.
The three-storied building would have a built-in area of 83,900 sq. ft. and would be built at an estimate Rs. 23.5 crore on 2.29 acres in front of the municipality’s daily and weekly regulatory markets.
The mall would have two mini theatres on the third floor, escalators connecting all the floors, parking space for 150 vehicles, common area and state of the art facilities.
Mr. Karigalan said that the poultry, education and truck bodybuilding and transportation sectors are fast developing here and its growth had already attracted many leading brands to establish their outlet in the town.
“The strategic location of the mall is expected to attract renowned brands to have their outlet here”, he added. According to him 30 shops would be built in the ground floor on 20,700 sq. ft.
The first floor would have 24 shops on an area of 24,900 sq. ft., while the second floor with a floor area of 21,300 sq. ft. for the two mini theatres and 16 shops. The third floor would have 14 shops on an area of 17,000 sq. ft.
The Chairman said that a minimum deposit of Rs. 1,000 per sq. ft. would be collected from persons who are renting the shops.
“We expect the total deposit collected from them to cross Rs. 8.4 crore. Representatives and officials of the municipality have discussed pros and cons of the mall and presented it before the District Collector.
Plan for the mall has come to shape and we are soon expecting approval for the same from the Commissioner of Municipal Administration, after which work would begin with pre tender deposit collected from investors – who want to occupy the shops after completion.
A loan would be obtained to complete the construction.“We estimate annual rent of Rs. three crore to be collected from these shops”, the Chairman added.Officials said that they expect deposit to the tune of Rs. two crore from the market and generate annual revenue of Rs. 46 lakh for the Municipality.
