By admin       2018-07-30

MahaMetro has appointed architectural firm Enia as the consultant for developing Cotton Market. It is expected to submit its report by August end. Enia is also designing the Zero Mile project. A source in MahaMetro said that Enia had completed the design and was now working on the financial model to make the project viable. “Nagpur Municipal Corporation (NMC) has demanded Rs 148 crore for the Cotton Market land. It also wants 50% share in profit. In addition, we have to rehabilitate about 1,100 shopkeepers. We will either pay cost of land to NMC or share profit, but still the project needs a sound financial model,” he added. Meanwhile, MahaMetro has decided to recalculate the Rs 148 crore demanded by NMC. The source said that NMC had applied a flat rate of 100% for calculating the price of 5.5 acres (about 22,260 square metre). “As per government rules, there is a slab system in ready reckoner. It is 100% for first 500 square metre, 90% for next 500 sq m and so on. The lowest slab is 60%. So obviously, the Cotton Market land will cost us less,” he said. The land is 17.5 acres of which 12 acres belong to the state government. MahaMetro will seek the land from government free of cost. The source further said that if the government sought ready reckoner cost for its land, then the Metro agency will find it difficult to go ahead with the project. “We have no provision in detailed project report (DPR) for this project,” he added.

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