The project was initiated in 2008, and was to complete within the next one and half year, however; it took around 10 years, primarily due to negligence of former administrators who did not handle the scheme properly, the Mayor said while chairing a meeting with KMC officials at his office.
The market has been constructed as per layout plan, and construction work on the project's 2nd phase would kick off soon, he said without announcing exact date.
Chairman Land Committee Arshad Hassan, Chairman Estate Committee Nasir Khan Taimori, Senior Director Estate Syed Tasneem Ahmad, Director Finance Mehmood Baig, Director Traffic Engineering S.M Taha, President Shahabuddin Market Association Haji Muhammad Aslam and others were also present in the meeting.
The Mayor said Shahabuddin Plaza is an important project; the first phase of five story plaza has been compelled at the cost of Rs 920 million. Booking of upper ground, mezzanine, and first floor's 267 out of 445 shops has already been done. The civic body is expecting revenue of Rs 1 billion from bookings. While revenue of Rs 570 million would also be generated from the bookings of the rest of shops of the first phase, Waseem said.
Special security mechanism has been evolved for the purchasers and shopkeepers of the plaza; whereas the encroachments around the market are also being removed. Around 50 percent of the project cost is being paid to the concerned contractor so that he could fast track construction on the project.
The Mayor also asked the concerned officials to ensure timely recovery from the shopkeepers who have been issued challans before handing them over shops.
As many as 176 shopkeepers are being shifted to the market in the initial phase, and this move would help enhance the confidence of other allottees in shifting their businesses to the said market.