CHENNAI: Chennai Metropolitan Development Authority is assessing the value of 56 unsold shops at Koyambedu wholesale and foodgrain markets so that prices can be fixed for allotment.Knight Frank lead consultant Advisory Services Anand MK told Express that the firm has been selected to assess the value of 56 unsold shops and work in this regard will begin from mid-August.
Of the 56, 17 of them belong to vegetable market, three to flower market, 15 to food grains market, 14 to fruit market and seven other shops.The move by CMDA to assess the price fixation of unsold shops comes in the wake of Housing department constituting a high-level committee to bring out policy guidelines for price fixation.
It is learnt that CMDA has asked Tamil Nadu Urban Infrastructure Financial Services to hire consultant to assess the market value for the stocks of CMDA for outright sale. Initially, bids from top consultants were called for but Knight Frank was selected.
Anand said the firm is keen to participate with the State government in various projects. Under the terms of reference, the objective of the assignment is to prepare a report to assess the market value using appropriate valuation methodology besides suggesting best revenue model which would be beneficial in the long term.
The wholesale market complex was developed as part of the first master plan to decongest the central business district in an area of 296 acres to house perishable goods, food grain, textile and other allied activities. The perishable goods market is spread over an area of 51.09 acres housing shops for flowers and vegetables.
In the first phase 2,358 shops were constructed and their size varied from 150sqft to 2,400 sqft. In the second phase 321 shops were constructed for fruit merchants and later 492 shops under foodgrains market.
Factfile
The study will assess value for the 56 unsold shops at Koyambedu market; It will identify best revenue potential model which would be beneficial to CMDA
Of the 56 unsold shops, 17 of them belong to vegetable market, three to flower market, 15 to foodgrains market, 14 to fruit market and seven other shops