CHENNAI: The Chennai Metropolitan Development Authority (CMDA) has invited bids for the outright sale of vacant commercial shops located within the Madhavaram Bus and Truck Terminus in north Chennai, through an e-tender and subsequent e-auction.
According to the tender document, 16 built commercial units inside the MBTT complex are offered for sale, with upset prices ranging from Rs 27.18 lakh to Rs 5.10 crore (excluding GST). The properties include two large-format commercial spaces measuring 6,602 sq. ft priced at Rs 5.10 crore, and an office space of 5,213 sq. ft with an upset price of Rs 4.03 crore, along with 14 smaller shops on the ground and first floors, ranging between 324 sq. ft and 448 sq. ft.
The smaller shops have upset prices between Rs 27 lakh and Rs 37.6 lakh.
The CMDA officials said the decision to sell the MBTT shops through outright purchase is not a one-off move, adding that it depends on the government orders under which they were developed.
While the MBTT follows an outright sale model, terminals such as Kilambakkam operate under an operations-and-maintenance (O&M) framework, as well as the upcoming Kuthambakkam bus terminus. Meanwhile, the shops were sold in the Koyambedu bus terminus.
Elaborating on concerns that outright sale limits long-term revenue, the official said both leasing and sale models have their own advantages and limitations, and that decisions are taken on a case-by-case basis.
"If they own it, they have skin in the game. They will take care of the internal expenses. For common areas, there is a fixed maintenance fee," the official noted. CMDA will continue to collect maintenance charges for common facilities, while buyers will be responsible for taxes, electricity and other statutory dues.
There are restrictions on how the shops can be used. Buyers are not permitted to make any structural alterations without prior approval from the CMDA, and no modification is allowed before execution of the sale deed.