Corpn eyes more income from two new complexes

Coimbatore: The city corporation is planning to boost its rental income by 97 lakh per year by constructing two new commercial complexes in place of the old ones.
A new commercial complex will replace the 40-year-old building on West Arockiasamy Road in ward 71, which has 38 shops in two floors, a corporation official said. “At present, only 29 shops are occupied. While the civic body is getting 45 lakh per year from the 29 shops, rentals will go up to 90 lakh when the new complex is ready,” he said. “The new building will be constructed at a cost of 1 crore.”
The old building on Patel Road in ward 68 will make way for a new commercial shop. “The building has 30 shops and fetches 23 lakh. The rental revenue is expected to go up to 75 lakh if a new building is constructed,” the official said. “1.5 crore has been earmarked for construction of the new building.”
The new buildings will also bring down the money spent on renovation. “Rent from daily markets is another important source of revenue as it is estimated to generate 3.46 crore this financial year,” the official added.
The civic body had collected 19.12 crore from commercial complexes and shops last fiscal, and is planning to increase the revenue by collecting 22.54 crore.