The Ponda Municipal Council (PMC) has opted to lease its sparsely occupied market complex at Budhwar Peth to a single lessee after six unsuccessful auctions for individual shops. Despite opening in 2011 with 154 shops, only 29 remain occupied. PMC Chairperson Anand Naik stated that renting the entire complex should generate revenue and support operational costs, as individual rentals failed to attract bidders. Motivated by the successful approach of the Curchorem Municipal Council, the PMC plans to lease the building for commercial purposes while retaining select shops for emergency use to ensure the complex's efficient use.
The Ponda Municipal Council (PMC) has opted to lease the entire Budhwar Peth market complex to a single entity after multiple unsuccessful attempts to attract bidders for individual shops, according to PMC Chairperson Anand Naik. Since its inauguration in December 2011, the market complex has remained largely vacant, with only 29 of its 154 shops occupied, despite a decade of auctions aimed at filling the space.
PMC aims to lease the entire complex to enhance its property value and establish a consistent revenue stream to cover operational expenses. Naik remarked that last month's auction once again failed to attract any bidders, reinforcing the council's conclusion that individual leasing was no longer a practical solution. Naik explained that, due to the lack of interest in renting the shops separately, leasing the entire complex to a single entity seems to be the most practical solution. He also clarified that PMC would retain control over approximately 20 to 30 occupied shops for essential municipal functions and local needs.
This strategy draws inspiration from a recent success by the Curchorem Municipal Council, which similarly leased its entire commercial building to a single entity following approval from the Goa State Urban Development Agency (GSUDA). The positive outcome of Curchorem's consolidated lease model prompted PMC to evaluate and adapt this approach to Budhwar Peth. After reviewing the potential benefits, PMC's board approved the plan to lease the entire complex, envisioning that a single operator might stimulate commercial activity and unlock new economic potential for the area.
With this innovative strategy, PMC aims to transform Budhwar Peth into a commercially vibrant and economically sustainable asset for the community. By consolidating the lease, the council expects to improve occupancy rates, attract consistent foot traffic, and significantly enhance the local economy. This initiative highlights PMC's commitment to fiscal responsibility and effective asset management, positioning Budhwar Peth for long-term growth and increased community value.
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