Super Bazar Khan Market among four properties lined up for NDMC makeover

New Delhi, Nov 4 (PTI) The New Delhi Municipal Council (NDMC) has initiated a major redevelopment push for its prime properties in central Delhi, planning to transform commercial areas in Khan Market, Chanakyapuri and Gole Market, besides the iconic Super Bazar building near Connaught Place, through public-private partnerships, officials said on Wednesday.

     Officials said that the civic body has invited bids to appoint transaction advisors for the projects, who will assess the properties, identify their best commercial use, determine their value and prepare the framework for selecting private developers.

     The proposed redevelopment aims to create modern commercial and retail spaces, improve parking facilities in busy areas and generate a regular source of revenue for the NDMC.

     According to the documents, one of the biggest projects covers nearly 15 acres around the Khan Market Community Centre, including Lok Nayak Bhawan, Prithviraj Market, NDMC staff quarters, a municipal Barat Ghar and an existing multi-level parking site.

     The plan envisages developing an integrated commercial and retail complex with up to one lakh square feet of built-up space, while also addressing parking congestion in the area.

     In Chanakyapuri, the NDMC plans to redevelop its properties around Akbar Bhawan and Yashwant Place into a commercial hub with around 95,000 square feet of multi-level space. The proposed complex will have retail outlets on the ground floor and office spaces on the upper floors.

     The civic body has also proposed redeveloping Shaheed Bhagat Singh (SBS) Place near Gole Market into modern commercial facilities. The project is part of the NDMC’s broader plans for the historic Gole Market precinct, which include a museum, underground parking, art galleries and improved commercial spaces.

     Another prominent property on the redevelopment list is the iconic Super Bazar building near Shankar Market in Connaught Place. The NDMC has invited proposals to appoint a transaction advisor to assess the property and work out a plan to turn it into a modern market complex.

     Super Bazar was once among Delhi’s best-known shopping destinations. Established in 1966 as a cooperative department store, it became popular for offering groceries, clothes, household goods and other everyday items under one roof. It attracted shoppers for decades before financial troubles and declining business affected its operations, and it shut down in 2002, bringing an end to an important chapter in the city’s retail history.

     Under the proposed plan, the advisor will assess the building’s commercial potential, examine its structural condition and explore whether it can be redeveloped without demolishing the existing structure. The advisor will also determine the property’s value and prepare the bidding documents and agreements for the eventual developer.

     The estimated tender costs for appointing transaction advisors have been pegged at Rs 3.95 crore for the Khan Market Community Centre project, Rs 3.35 crore for the Akbar Bhawan-Yashwant Place project and Rs 2.25 crore each for SBS Place and Super Bazar.

     The NDMC has set a target of around 33 weeks for the initial stages of the projects, covering feasibility studies, valuation, preparation of bidding documents and selection of developers through competitive e-auctions. The final stage will involve verifying the successful bidders’ compliance and executing the agreements.

     The transaction advisors will be selected from firms empanelled by the Department of Economic Affairs under the Union Finance Ministry for public-private partnership projects.

     Through the exercise, officials said that the NDMC aims to put its prime land and commercial properties to better use, attract private investment and create revenue streams without depending entirely on property taxes and other conventional sources of civic income.

(This story has not been edited by THE WEEK and is auto-generated from PTI)