Coimbatore Corporation looks at monetising assets on lake fronts

It includes throwing open places to those interested to set up eateries

December 07, 2021 11:47 pm | Updated December 08, 2021 12:08 pm IST - Coimbatore

Soon eateries will dot lake fronts developed in Coimbatore.

Soon eateries will dot lake fronts developed in Coimbatore.

Coimbatore Corporation that is inching toward completing the works at tanks it had taken up for development under the Smart Cities Mission has drawn plans for monetising assets.

The asset monetisation included throwing open the places it had created to those interested to set up eateries of various types.

The Corporation was looking for partners to set up eateries in Selva Chinthamani tank first and then the Ukkadam Periyakulam and Valankulam.

While developing the lake fronts, the Corporation established places where eateries could be established. Now it was planning to let out those places for eateries of various types – a floating restaurant in Periyakulam (Big Tank), food courts and premium outlets.

Persons interested in establishing food courts should have at least five years’ experience with courts of at least 200 seats and five outlets and a net worth of ₹ 25 crore. As for premium outlets, the Corporation said the interested parties should be a pan-India operator offering various cuisines, have FSSAI licence and a turnover of ₹ 5 crore a year.

Though monetisation of assets was on plan right from day one of taking up the Smart Cities Mission project, there was an urgent need to let out the places because the Corporation wanted to meet at least a part of the expenditure it incurred in maintaining the assets created.

A cursory analysis showed that the Corporation was spending ₹ 1.50 crore a month on maintaining the assets created and that included security personnel, lights, CCTV cameras and garden.

With internal assessment showing that the three tanks had started attracting people, the highest being 6,000 a day, the Corporation sources said the civic body was hopeful of good response.

If the Corporation were to continue maintaining the assets created it was imperative that it had to meet the maintenance expenditure, or at least a part of it, by monetising assets.

Deadline extended

The sources said the Corporation that was supposed to open the expression of interest on Tuesday had extended the deadline to December 22.

Until now, it had received 15 queries and was hopeful of receiving more before the extended deadline.

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