Rent at Rs 7 per Sq-feet, depends on space alloted : Officials
SRINAGAR: In a bizarre development, the Srinagar Development Authority (SDA) has allotted 51 shops of Sangarmall Shopping Complex on rent just at a cost of below Rs 2000 per month out of a total number of 125 shops available in the complex.
According to the official figures available with the news agency—Kashmir News Observer (KNO), among the low rented 51 shops allotted to different individuals and establishments, 12 shop owners were paying even further less than Rs 1000 monthly rent till May-2019.
Meanwhile, officials of the SDA said, “The rent of such shops having less than Rs 2000 depends upon the space allotted to the establishment owner and the rent is being revised after every three years. The rent for the shop in the complex is Rs 7 per square feet.”
“Whosoever wishes to get the shop on lease agreement has to pay the premium and the cost of the premium depends upon the location and area of the shop in the complex,” the official said.
The official figures also state that till May-2019, SDA was generating just Rs 2,624,47 from the Sangarmall Shopping Complex monthly on the account rental charges of 125 shops of the complex.
Meanwhile, according to official documents, SDA had fixed Rs 692 rate as monthly rent for shop No CB-09 till May-2019.
Similarly, for shop No LGF-CB-10, an amount of Rs 627 has been fixed as monthly rent for the shop by SDA; Rs 593 for shop No LGF-CB-101; Rs 593 for shop No LGF-CB-114.
From another block of the complex, the SDA has fixed Rs 641 monthly rent for shop No KOISK-01 followed by KOISK-02 with Rs 641 and the same amount for shop No KOISK-03.
Till 2019, one space holder ‘RESTURENT’ was paying Rs 44044—which was the highest rent being paid by the space holder in the complex.
The space holder FMA/s-309 in the complex was paying a total amount of Rs 13,080 to SDA on account of monthly rent charges followed by FFMA-301-401 that was paying Rs 13,149 rental charges.
Likewise, the space holders FFMA-302-402 and FFMA-303-403 were paying Rs 11,931 monthly charges respectively.
The space holder FMA/s-310 was paying Rs 11,924; FMA/s-308-406 pay Rs 9744, FFMA-306 pay Rs 9833 and FFMA 305-404 pay Rs 9833 respectively to the SDA on account of monthly rent charges of the spaces they have been allotted.