Thirty-eight old, dilapidated municipal markets are on the Brihanmumbai Municipal Corporation’s (BMC) redevelopment list.
The BMC’s new markets redevelopment policy also proposes to revamp Crawford Market near Chhatrapati Shivaji Terminus, but with lesser benefit to private developers than what the previous proposal offered.
The BMC has scrutinised 38 old markets to be redeveloped. Eighteen markets are from the island city and 20 are from the suburbs. The heritage structure of Crawford Market [Mahatma Phule Market] will be restored by conservation architect Abha Narain Lambah.
The earlier redevelopment proposal of Crawford Market, brought in 2007, was opposed by corporators because the private builder shortlisted for the project was benefitting more than the BMC.
The developer was going to fetch Rs 1,000 crore more than the civic body by selling shops in the revamped market. Public outcry against the policy stalled it and no decision was taken.
The new policy framed will be tabled before the civic Improvements Committee on Friday. The new policy says the ratio of incentive to the builder will be 60 per cent and the BMC will get 40 per cent share in profits.
If the builder constructs ten shops, he will get six as a commercial component by using a floor space index (FSI) between 1.33 and 2 [depending on the structure's age] in the island city. In the suburbs, the builder and the BMC will get a 50 per cent share each by using an FSI of 1.
“Because of the cash crunch, the BMC is not interested in redeveloping its markets on its own, and wants to encourage private developers,” said a civic official from Markets department.
There are 92 BMC-owned markets in Mumbai and most of these are dilapidated.
Rajendra Prasad Chaubey, a member of the Improvements Committee, said, “We will rehabilitate all old shop owners at the same place and the share of profit will be as per the new policy.”