KOZHIKODE: Kerala Transport Development Finance Corporation (KTDFC) has leased out the newly built commercial space at the multi-storeyed KSRTC bus terminal-cum-shopping complex to Mukkam-based MAK Associates following a high court order. An MAK spokesperson said it would pay a monthly rent of Rs 50 lakh in addition to Rs 50 crore as a non-refundable security deposit.
Since the entire commercial space was planned to be leased out as a single unit, no bidder turned up due to stringent conditions. It took the decision to give the whole space to the MAK for next 30 years after five tender meetings. Initially, the KTDFC refused to hand over it citing technical reasons.
“The total commercial space available at Kozhikode KSRTC complex is 2,18,716.23 sq ft, which has been completely leased out to our group," said K.P. Moideen Koya, MAK Associates managing director. “As per the demand of the buyers, we will modify each space. Since one tower has the facility for three multiplexes, we will also approach people interested in starting multiplex. We have also taken the provision to sublet the space to different persons as per our convenience.”
“Since KTDFC delayed in handing over the commercial space entirely, we decided to approach the court and on April 1 it ordered in our favour," Mr Koya said.
