However, it will not be able to accommodate all the traders from George Town
The design of the new wholesale foodgrain market at Koyambedu will be similar to that of the existing fruit and vegetable market. The new market structure will have ground plus one floor with chiselled dressed granite cladding, a sloped roof and decorative tiles.
The Chennai Metropolitan Development Authority on Tuesday cleared the finalisation of tender for construction of the market at a cost of Rs.69.17 crore with similar design. The contractor will begin the construction work by January 1, said an official of CMDA.
The market will start functioning by June 2014.
However, as the market is coming up at an alternative site between B-Road and E-Road in Koyambedu with the land originally earmarked for the project being taken over by Chennai Metro Rail, all the traders who wish to relocate will not get shops as the demand is four times that of proposed shops in the existing design of the market.
Even though the administrative sanction for the market was given in May, the tendering process took time on account of various issues pertaining to the demand of traders in George Town, who will have to shift businesses from the existing wholesale foodgrain market in George Town to Koyambedu.
As the new structure is located close to the upcoming metro station in Koyambedu, residents and small businesses will be able to purchase products such as cereals, pulses and spices at an affordable cost. However, the project covering 364 shops measuring 280 sq ft, 92 shops measuring 740 sq ft and 36 shops measuring 1,200 sq ft will not be enough to meet the demand.
The land available with the CMDA is limited because of the metrorail land acquisition and there is no scope for expansion of the market in future in Koyambedu, said officials.
The project is aimed at decongesting the central business district of George Town by shifting the business to Koyambedu where phase-I of the market for vegetables, flowers and fruits has over 3,194 shops
According to CMDA officials, Over 2,000 of the traders are part of the bustling market of foodgrains and spices in Kothwal Chavadi.
The total area of the built up space of the market will be 2,13,200 sq ft. Some traders have already paid a portion of the shop cost and those who get the shops will pay the rest in instalments, said an official.