Mangaluru: Mangaluru Urban Development Authority (Muda) has received the govt’s in-principle approval to develop the Urwa Commercial Building at an estimated cost of Rs 30 crore.
The G+9 complex at Urwa Store will house premium retail and office space for corporate companies, IT/BT firms, and startups, with rentals of Rs 50 to Rs 100 per sqft. The authority is preparing a project report for the market complex, which will be built on 88 cents of land at Urwa Store, adjacent to the Urwa Store Market. we are planning an affordable rental model, starting from around Rs 75 per sqft on the ground floor, and around Rs 50 per sqft on the first floor, for corporate companies, IT/BT firms and startups,” he said While the current market rental value is around Rs 100 to Rs 200 per sqft. The 27,000 sqft market, with basement parking, will cost an estimated Rs 9 crore after govt approval.
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Shetty said the existing Urwa Market will also be redeveloped into a modern facility for flower, vegetable, fish and meat stalls. “In the new commercial complex, the ground and first floors will be designed in a mall-type format catering to what is needed for people and children in the city. From the second floor up to the ninth floor, we will have office space for various sectors. We designed the market with people’s needs in mind, making it easily accessible and hygienic. It will be developed without building too many floors. It will just be a single floor, making it a vibrant marketplace that retains the local culture while offering a modern, clean and comfortable shopping experience,” he added. Download the TOI App.
“The interior design of the new Urwa Market takes inspiration from the traditional market spaces reimagined for today’s needs.
MUDA chairman Santhosh Kumar Shetty said the proposed commercial building will generate revenue for the authority.