Information reaching Citi Business News reveals that the about 8,000 sheds at the Kantamanto market will soon be pulled to make way for a six storey market complex which will be called the Kantamanto Shopping Center.
One of the Executives within the three joint traders association of Kantamanto made up of the Shoe Sellers Association, Used Cloths Association and Hardwares Association disclosed this to Citi Business News on condition of anonymity.
According to him, all documents regarding the redevelopment which include the design of the market complex have already been submitted to Cabinet through the Railways Ministry for approval.
The redevelopment of Kantamanto will be done in three phases. The first phase will see about a quarter of the sheds there demolished.
According to our source, sensitization on the latest development started in 2010, and the traders are in support of it.
He said the latest development is contained in a new agreement the traders have signed with the Railways Ministry.
Citi Business News has also learnt the traders may not be assigned their current spot and will pay for their new shops when the building of the complex is done.
For now, the executives are yet to decide on how much each trader will pay for a shop within the complex.
They are also awaiting cabinet’s approval to decide on the date for the commencement of the project.
Citibusiness news