Few bidders for commercial space

State government appeals to contractors that selling the commercial space would easily fetch the investment cost.

The State government is desperately struggling to find bidders to take over the commercial space of the newly constructed bus terminal on the Mavoor Road.

As per norms fixed by the government, the bidder has to take the building on lease with an investment of Rs.73 crore for 15 years. The government prefers to hand over the building either to an individual or any group who in turn could rent out the rooms to other retailers on its own rates.

The contractor should pay a sum of Rs.1.83 crore to the Kerala Transport Development Finance Corporation ( KTDFC) on a monthly basis.

This means that the KTDFC will get the amount spend for the construction of the complex after 15 years. Subsequently, the investment of Rs.73 crore will be paid back to the contractor.

However, such a provision has made many bidders to stay away from taking over the commercial space of the bus terminal. But the government's argument is that the contractor could easily fetch the amount by selling the commercial space.