Property Redevelopment - How BIG is the scam

Lately I was going through some property redevelopment related knowledge items on Toostep by different construction professionals. So I thought of creating an article where a big scam of crawford market which happened in Mumbai some time ago.

We all are aware of the crawford market fiasco. General public could lose 1000 Crores on CRAWFORD MARKET 'REDEVELOPMENT! and a Total of over 6000 crores over all the MUNICIPAL MARKETS. Every Mumbaikar including the poorest loses about 5000 rupees in this.

Similar cases, where in the name of redevelopement, a lot of corruption is going on across the country. The primary reason for this grand policy and proposal is that the MCGM claims it is very concerned about its duty to provide Markets to Citizens. It laments that since it does not have resources,- in fact it designs every policy to ensure impoverishment of the Public,- it seeks to give all the benefits to the tenants and developers. Under this policy, the tenants negotiate with the developers, and MCGM gives extra FSI,- which will ultimately lead to greater demands on the infrastructure. In return, MCGM takes some constructed space,- calculated as a percentage.

So people, if you are also seeing similar cases near your area, you should do the below things.

What can be done? :

1. There are enough private developers of Markets, and the MCGM should desist from developing Markets. In this case, I do not believe anybody has analysed the impact on the traffic and amenities when 6205 sq.mtrs. becomes 65689 sq. mtrs! We are creating a nightmare, apart from changing the Heritage skyline. If this view is accepted a smaller structure could be built where a better market could come up.

2. If there are strong reasons for this development, which I am not able to comprehend and the infrastructure solutions exist, MCGM could give a contract for about Rs. 105 crores and stand to gain over 1000 crores. Alternately, tenders could be floated to completely handle everything in which case too, MCGM would get over 900 crores.

This same model is presently proposed to be adopted over all the 100 Municipal markets and will mean that some people would gain over 6000 crores at Public expense..