The Tiruchi Corporation has planned to translocate the trees at the Green Park in Panjapur to make way for the construction of integrated vegetable and fruit market. | Photo Credit: M. MOORTHY

Construction of Panjapur vegetable market in Tiruchi likely to commence in January as Corporation prepares to float tenders

Of ₹236 crore estimated for the construction of the market, the State government will provide ₹136 crore and ₹100 crore is expected to raised through municipal bonds

by · The Hindu

With preliminary work on track, the Tiruchi Corporation expects to commence work on the integrated vegetable and fruit market at Panjapur in January.

Around 22 acres of land in the Green Park area, off Tiruchi-Madurai National Highway, has been allotted for the market, which is estimated to cost of ₹236 crore. The State government will provide ₹136 crore and the remaining ₹100 crore will be raised by floating municipal bonds.

Preparations for floating the bonds have been completed. An agency has been roped in for carrying out the credit rating of the bond issue.

Public issue

According to officials, the bonds will be a public issue and common people can participate and subscribe to the bonds. The Corporation would repay the investors from the revenue generated from the project for which the bonds were issued. Consultants have been appointed to ensure that the Corporation complies with all rules and regulations.

“Tender would be floated soon and we expect to commence work on the project by January 2025,” said a senior Corporation official.

The two-storey market complex will house over 450 shops with a cold storage facility, including 300 shops for wholesale operations on the ground floor. It will have separate segments for wholesale and retail vendors, and the wholesale shops will have a spacious floor area.

Shifting of traders

The civic body has planned to shift the wholesale traders of Gandhi Market and the ‘Vazhakkai mandi’ functioning on East Boulevard Road to Panjapur, close to the cluster where construction of an integrated bus terminus, a multi-utility facilities centre, and a truck terminal are under way.

In order to retain the green cover, the Corporation is considering a translocate the trees to safeguard the medicinal and local plant species of the park.

Published - November 14, 2024 06:57 pm IST