But for faulty policies, Kolkata Municipal Corporation (KMC) would be a prosperous landlord. It owns most public markets in the city, nearly all of which are in prime locations. Take for example the New Market, Entally Market, Park Circus Market, Maniktala Bazaar and Ultadanga Municipal Market to name a few.
But even though its market properties have immense realty values, in reality they are a source of pain for KMC. Because the traders to whom space have been given to run their business in these markets pay so paltry rentals that KMC cannot even afford funds to do routine repairs.
This has meant that the market buildings are in dilapidated condition and it is dangerous to venture inside them. What then is the solution?
KMC says the markets must be broken down and the land handed over to private parties to build multi-storey complex. There is no dearth of interested realtors for doing the job as this year-old TT report suggests. In fact, Lake Market in the south of the city is already nearing completion in the form of an attractive shopping mall. And College Street Market too is expected to shortly undergo transition to turn up as Barnaparichay, a book-related jazzy mall (see this post, Barnaparichay – The Mall).
If so, what prevents KMC to repeat same at other markets? It’s the stiff resistance by the traders. They do not wish to increase rent citing business downturn, but they want that KMC must do all timely repairs.
Clearly, unless the traders see reason, no improvement seems possible. If not the danger of unrepaired buildings, the springing up of trendy malls everywhere can spell doom for the KMC-market traders. But if they refuse to budge, what can anyone do?
KMC on its part can force them to temporarily vacate the premises in order to build malls by private parties. The question is will it do? One doubts it will.
I read your blog. I can feel that.