The Ponda Municipal Council (PMC) has once again invited sealed tenders to lease shops, offices, stalls and apartments at the New Market Complex in Upper Bazaar, Ponda.
The building, completed in 2011, has remained largely unoccupied for over 14 years, despite repeated attempts to attract businesses.
The four-storey complex houses 154 commercial units. Barely a fraction are occupied, mostly by rehabilitated vendors shifted from the old market, while the rest have stood vacant, turning the project into what council officials have described as a “dead investment” but are hopeful that the fresh attempt to lease spaces will achieve some success.
The bid forms and details are available at the council office and on the Goa ULB Services portal and PMC hopes the latest auction will finally generate interest and revenue.
Chairperson Anand Naik has admitted the council is under pressure to monetise the asset, which has failed to deliver returns since its inauguration on December 19, 2011.
Over the past decade, PMC floated tenders at least six times, with little success. In October 2024, frustrated by poor response, the council even resolved to lease out the entire complex for ten years to a single operator, following the example of Curchorem Municipal Council, which successfully leased its market building. That plan, however, did not materialise.
Poor location, inadequate facilities, and high reserve prices are being blamed for the lack of interest and traders said that the building lacks parking and footfall, making it unattractive for retailers.
PMC, which is struggling to meet daily expenses, sees the market complex as a potential revenue stream and revitalise the space by integrating it into Ponda’s commercial realm.
