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May 29th, 2009 admin

Simplex Projects Ltd, the private partner in collaboration with KMC, has executed the Rs 34-crore BoT project, which will rest on a revenue-sharing model between the two parties. As per the arrangement, Simplex has been allowed to create an underground shopping plaza (at the minus one level) having 180 stalls. The premium amount from the settlement of these shops will go to Simplex, while KMC will get to keep the regular annual rent from the shops. KMC will also get 5 per cent of the parking fees collected annually.

Provisional NoC from the West Bengal Fire Department has already been obtained for the parking project, and a fire safety clearance certificate for the shopping mall is expected within the next fortnight. While the parking facility is expected to start operations straightaway, the mall is expected to be operational only after receipt of the certificate.

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