"Gole market is a heritage building and we want to restore it. Hence no commercial activity can be allowed there. Even the traffic department has said a market there disturbs traffic circulation besides adding to nuisance value for local residents. We might build a small museum there in the future but giving the market back to the traders is out of question. The traders want a new site at the same rate which is not possible. We have already taken possession of eight shops,'' said a senior NDMC official.
Said Narayan Shamnani, president of Gole Market Merchant Association: "NDMC had promised to rehabilitate us elsewhere. But now they are asking us to vacate without providing us with alternative space. We will not accept this. We have been functioning from Gole Market for over 60 years now. If need be we will organise a protest march at Jantar Mantar on Thursday.''
He added: "In reply to an RTI filed by us, NDMC in 2006 had said it was not dislocating us but proposing to shift each shopkeeper to a vacant plot available in the complex for a period of 54 weeks. Afterwards, we were given alternative spaces to shift out in. But the sizes of shops were so small and these shops were allocated in areas like a subway in Palika Bazaar or Sarojini Nagar, where it is impossible to open up restaurants or meat shops. When we did not accept their alternative, they sealed four shops.''
Traders in Gole Market pay anything between Rs 200 and Rs 2000 as rent for prime rental property. Said Raj Kishore Bansal, who owns Royal Store: "My family has been functioning from here since 1937. We can't just be expected to vacate and leave."
Due to the dilapidated state of Gole Market, the building had been declared dangerous. One of Delhi's oldest surviving colonial markets, it was constructed in 1912 and unauthorised construction along with lack of proper maintenance had led to part of the heritage beauty of the building being destroyed, said NDMC officials.
Apart from facade restoration, NDMC is also planning interior restoration and upgradation of the surrounding structure. The project cost which was initially estimated at about Rs. 6.31 crore has now escalated to about Rs 8.53 crore
ndia's realtors believe the sector will see signs of recovery in the next three months, according to the Associated Chambers of Commerce and Industry of India (Assocham).
A survey report by the industry lobby said 88 percent of chief executives of real estate firms see a quick revival within the next three months as developers shift towards affordable housing and property prices undergo significant correction.
The Assocham Business Barometer report is based on a survey of 25 real estate firms conducted between May 15 and May 25.
The survey report said a whopping 92 percent of chief executives considered affordable housing to kindle demand in the real estate sector, with about 84 percent saying this segment had been least impacted by falling demand.
It said while the luxury housing segment witnessed a demand contraction of over 50 percent, special economic zones (SEZs) by about 40-50 percent, retail space between 30-40 percent and commercial space by 20-30 percent, affordable housing was the most resilient segment seeing a contraction of 10 percent or less.
The chief executives called for sought single-window clearances for all schemes under affordable housing, as is done with SEZ proposals, to bridge the shortfall of about 2.6 crore dwelling units at the earliest.
About 76 percent of the respondents said the stimulus given to the sector through fiscal and monetary measures was inadequate.
Of all policy measures, 64 percent of respondents were of the view that the central bank's move to allow banks to restructure loans to developers has been the most successful in improving liquidity for the real estate sector.
Additionally, 60 percent said a resurgent stock market would be the most prominent source of finance for the sector, while 28 percent thought bank credit was the most viable option.
Hefty funds raised through the qualified institutional placement route in the stock market (exceeding Rs.8,000 crore) along with debt restructuring would allow the developers to address their liquidity concerns.
Mumbai has been ranked as the most saturated in terms of real estate assets followed by Delhi, Bangalore, Chennai, Kolkata and Hyderabad.