Chennais Koyambedu Market Under Study for Relocation
Posted on: 18/Aug/2023 2:34:37 PM
In a strategic move aimed at resolving traffic congestion and fostering urban development, the Chennai Metropolitan Development Corporation (CMDA) has engaged the expertise of global real estate consultancy firm Cushman and Wakefield. The objective is to formulate a comprehensive construction design and feasibility study for the potential relocation of Koyambedu Market to Thirumazhisai, while exploring diverse options for its rehabilitation and transformation.
The study encompasses an in-depth examination of multiple facets, including the possibility of relocating the entire Koyambedu market to Thirumazhisai or transferring a portion thereof. CMDA has emphasized the importance of meticulously evaluating all potential elements and considering the interests of the wholesalers who currently own shops within the Koyambedu market.
CMDA`s commitment to protecting traders` rights and ensuring proper compensation underscores their dedication to fair and transparent negotiations. The decision to allocate a substantial portion of the commercial complex in Thirumazhisai—50 acres in total—with 35 percent designated for open spaces, parks, and roads, reflects the organization`s foresight in urban planning and development.
Further deliberations include the possibility of allowing traders to continue utilizing the market`s remaining space if only a segment of the market is relocated to Thirumazhisai. This innovative approach seeks to balance urban needs with the interests of the trading community.
Koyambedu`s current significance in generating annual revenue of Rs. 12 crores, primarily through entrance fees, parking fees, and open spaces, highlights its potential for further growth. CMDA envisions transforming this area into an attractive destination through the establishment of shopping malls, star hotels, sports grounds, and other amenities.
As urbanization evolves in the north-western parts of Chennai, including Koyambedu, CMDA`s ongoing efforts encompass the creation of a new market in Thirumazhisai and the modernization of Coimbatore. These ambitious projects underscore the corporation`s commitment to sustainable urban development and enhanced public facilities
