BMC to auction 262 stalls in municipal markets

It's not going be quite as dramatic like an auction at Sotheby's nor are pricesless artworks up for grabs here. But expect your local vegetable vendor at the municipal market to talk risk and mortgage with you next time you go to pick up groceries.u00a0As many as 262 of the stalls across six municipal markets in Mumbai are going to be up for grabs as the BMC plans to auction these stalls to the highest bidders, in an effort to raise money.

The civic body will u00a0hold an auction of 262 market stalls each valued between Rs 1.4 lak and Rs 30 lakhs

Space inside municipal markets is in great demand, say BMC officials, and to capitalise on it, the civic body wants to hold an auction. The tender notice of BMC's market department has received a huge response as the stalls that were to be occupied were in the posh areas of Tardeo, Walkeshwar, Dadar, Andheri and Santacruz, claimed the officials.

The standard rate for a BMC market stall was about Rs 1.4 lakhs for a 100 sq feet stall, but amazingly this time, the tenders that have been quoted are as high as Rs 30 lakhs for the same shops. About 262 such stalls are up for grabs and could help the BMC net in close to R 100 crore. The tender notice was put in earlier this month and vendors were to apply with quotations to the municipal office of the market department. The last date to submit the applications was July 15. The packets will be opened next week and the highest bidders awarded with the stalls in the markets.

Speaking to SMD, a source from the Market department, on request of anonymity, said, "The prices quoted are very high. With the tenders being given to the highest bidders, the civic body will be in the position to collect over Rs 100 crore from this auction." Ram Barot, BMC's Improvement Committee chairman, said, "We have received great response as these markets are in prime locations. This is surely going to help our finances."