The Hindu 28.10.2013
Shopping complex rents in Chennai to go up
The Chennai Corporation has commenced the process of increasing rental rates for its shopping complexes across the city.
The
Corporation council is expected to pass a resolution increasing the
rates in various zones of the city. Recommendations have already been
made to increase the rents by ten times in some zones.
Until
now, the rents have been low in all the shopping complexes of the
Corporation. They range between Rs. 10 and Rs. 50 per sq ft. The revised
rents will match the existing rental values in the neighbourhood.
Recently,
the civic body initiated measures to control individuals who prevent
those willing to pay more from participating in the auctions. The
Corporation has restricted the number of shops that can be licensed to
an individual in shopping complexes. Persons who already have one shop
have been asked to surrender it before getting another shop on rent.
The
civic body owns 113 shopping complexes with 5,811 shops in the 15 zones
of the city. The licence period of the shops is one year.