Erode Corporation faces revenue loss due to vacant commercial complexes
Erode Corporation is experiencing significant revenue loss due to numerous vacant commercial complexes. Despite efforts to attract tenants through reduced rents and multiple tender processes, many shops remain unoccupied. Authorities are planning to initiate a new auction process next month to address the issue.
- ▪Several commercial complexes constructed by Erode Corporation under the Smart Cities Mission are unoccupied, leading to revenue loss.
- ▪Efforts to reduce rent and conduct public auctions have not successfully attracted tenants for the vacant shops.
- ▪A new auction process is set to be initiated next month to fill the vacant commercial spaces.
Opening excerpt (first ~120 words) tap to expand
With several commercial complexes constructed by the Erode Corporation under the Smart Cities Mission remaining unoccupied for years, reportedly resulting in substantial revenue loss for the civic body, the traders have urged the authorities to conduct public auctions for vacant shops and bring the facilities into use as early as possible.The commercial complex on Gandhiji Road, constructed at ₹24.94 crore, has 65 shops, space for a supermarket, eateries, a children’s play area and parking facilities. It was inaugurated in August 2022 by the former Chief Minister M.K. Stalin. However, except for the parking facilities, most of the shops are vacant. Though the Corporation reduced the rent by 25% and floated tenders five times, only a few shops have been occupied.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Hindu — Top.
Discussion
0 commentsMore from The Hindu — Top
