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The Tripunithura municipal council has reopened the tender process to lease out two malls that have remained largely inactive since their opening over five years ago. Built at a combined cost of INR 18.5 crore, the malls T K Ramakrishnan Memorial Mall and A G Raghava Menon Mall failed to attract tenants during earlier rounds. Due to repeated challenges, the council reclassified them as commercial buildings and set minimum rent and deposit terms. An audit earlier had flagged revenue loss from their prolonged dormancy, prompting this renewed move. Local traders are being encouraged to bid.
Tripunithura municipal authorities have restarted the tender process for two malls that have largely remained inactive since their completion. The two properties were built using municipal funds, costing INR 10 crore for the T K Ramakrishnan Memorial Mall and INR 8.5 crore for the A G Raghava Menon Mall. Together they amount to an investment of INR 18.5 crore. Advertisement
When first constructed, the plan was to lease the entire malls to private operators. However, multiple rounds of tenders and even direct offers over the years failed to attract viable bids. The onset of the pandemic and the subsequent slowdown in commercial activity further discouraged prospective lessees.
Faced with these challenges, the council took a unanimous decision to reclassify both constructions as commercial buildings. This change clears regulatory hurdles and allows for a more flexible leasing framework. Minimum rent and deposit figures have now been established for individual shops within the malls.
Municipal officials are now calling on local entrepreneurs and traders to engage in the tendering exercise. They believe that converting these structures into active retail venues will help recover lost income and better utilize public investment. The success of this renewed push, however, will depend on attracting committed lessees who can make the spaces functional and sustainable.
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