After Delhi government’s refusal to bail out the BJP ruled civic bodies of their deepening financial crisis, the three corporations have found their fortune in the real estate and are planning to cash in on the property boom in the Capital.
The North Delhi Municipal corporation, reeling under the debt of Rs 729 crore, now plans to rake in over a thousand crore by building three multi-storey commercial complexes in the retail hub of the capital- Karol Bagh.
“We have three prime properties in Karol bagh having a current market value of over Rs 1,000 crore and by constructing commercial complexes on the same plots, we’ll get good revenues which will be further invested in other projects,” said Ravinder Gupta, chairman of works committee, North Delhi Municipal Corporation.
An on ground inspection of the three sites was held by the corporation and deputy town planner on Thursday.
“A municipal market near Gaffar market, a vacant land near the abandoned MCD school and another vacant plot near Ajmal Khan road would be used to construct commercial complexes,” Gupta added.
Multi-level underground parking would also be created which will also solve the parking crisis in Karol Bagh area.
“The construction of these commercial complexes can be done on a public private partnership. We’ll also be earning revenue through the multi-storey parking lots,” he added.
Recently, the North Delhi Corporation had revealed its plans to build residential complexes at prime locations such as Minto Road, Civil Lines, Karol Bagh and Tees hazaari.