Taking cue from private builders who are making money by building shopping malls in the city, the South Delhi Municipal Corporation (SDMC) — owner of the most prime locations in the city — has decided to build commercial complexes.
With a surplus budget of R360 crore, the civic body has ordered a survey of all vacant plots where such complexes can come up. According to initial estimates, the complexes could be built in Tagore Garden and Safdarjung Enclave.
"The presence of so many shopping malls highlights the fact that the residents of Delhi are willing to use them. Cashing in on the boom, the corporation too will build commercial complexes and let them out to traders for a fee," Ashish Sood, chairman of remunerative project cell of SDMC.
North Corporation and East Corporation have also decided to construct commercial complexes. North Corporation plans to construct three commercial complexes in Karol Bagh, aiming to earn a revenue of over Rs 2,000 crore.
The cash-strapped East Corporation has ordered a feasibility study to explore the possibility for commercial development.
Chairman, Standing Committee of East Corporation, Mahek Singh had said that many plots belonging to the corporation are lying idle.
Several have even been encroached upon by shops and building mafia.
The unified MCD had more than 500 vacant plots in the city.