Noida opens bids for 19 kiosks near GIP Mall
Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You
Live Events as a Reliable and Trusted News Source Addas a Reliable and Trusted News Source Add Now! (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel If you have walked between Botanical Garden Metro Station and GIP Mall recently, you may have noticed a neat row of kiosks sitting largely empty, with unauthorised vendors quietly filling the gap. That is about to change.The Noida Authority has decided to allot all 19 kiosks in the street market along DSC Road to individual applicants, scrapping an earlier plan that tried to hand the entire stretch to a single private operator and found no takers.Bidding is expected to begin within two weeks, according to Indu Prakash Singh, the officer on special duty at the Noida Authority.The Authority had floated a request for proposal last year, looking for a single firm to take on all 19 kiosks under one lease agreement for an initial term of seven years, extendable to 10.The terms were steep.
Bidders were required to put up an earnest money deposit of Rs 12 lakh, and the annual lease rental was fixed at Rs 1.28 crore, which worked out to roughly Rs 56,000 per kiosk every month.The high rental and strict eligibility criteria proved to be a deterrent. Many interested bidders failed to qualify, and the plan effectively collapsed.Under the new approach, the Authority has relaxed the eligibility requirements and will allot the kiosks individually rather than as a single package.The lease term has been brought down to five years, with a provision for extension. Monthly rent per kiosk is expected to fall in the range of Rs 40,000 to Rs 50,000, a meaningful reduction from what was demanded last year.No specific business category has been mandated.
Officials indicated the kiosks could be used to sell food and beverages, gift items, clothing, electronics, or similar retail goods.The street market was developed along DSC Road at a cost of around Rs 3 crore. It comes with seating areas and roadside parking for over 100 vehicles.Its location gives it a natural advantage. With Sector 18 market and Atta Market both in close proximity, and the Botanical
Garden Metro Station right at one end, footfall in the area is already substantial.That footfall has not gone unnoticed. Even as the kiosks have sat unoccupied, unauthorised vendors have moved into the market's parking area and set up informal stalls selling garments, helmets, shikanji, and other items.Whether the revised allotment plan brings in formal tenants quickly enough to change that picture remains to be seen.(With TOI inputs)
The BriefWire