Iconic Market Redevelopment
Delhi, a city known for shopping, is blessed with its own set of world-famous iconic markets like Connaught Place, Chandni Chowk, Sarojini Nagar, Kamla Nagar, Lajpat Nagar, Khan Market etc. to name a few. These markets cater to every segment of population (from high end expensive products to heavily discounted products), are culture agnostic, and have something special for every kind of buyer. With the onset of Covid-19 pandemic, these markets have witnessed complete lockdowns followed by a significant decline in footfall of customers and a tough competition from e-commerce companies.
Delhi government has determined that it is essential to assist these markets reach their full potential in order to:
- Boost Delhi’s Economy: These markets play a crucial role in running the economy of Delhi (contributing 13% to GDP of Delhi), providing great opportunities for employing millions of people.
- Accelerate rapid rate of growth: Retail sector is expected to grow by 12% over the next 5 years. This scheme would accelerate rapid rate of growth and enable Delhi to tap into the retail sector.
- Stimulate tourism: Not only Delhites, these markets attract millions of people from all over India to come and shop in Delhi, thus stimulating tourism and hospitality sectors.
ICONIC MARKET REDEVELOPMENT INITIATIVE
In early 2022, DDC carried out an extensive study of the iconic markets of Delhi to understand the challenges being faced by them and determine potential interventions possible. It was observed that most of these markets need urgent infrastructural intervention from the government as well as a boost in branding and outreach. The Government of NCT of Delhi announced the ‘Redevelopment of Iconic Markets’ initiative under the Rozgaar Budget 2022-23. The Department of Tourism shall execute this project through DTTDC (Delhi Tourism and Transport Development Corporation).
The primary objective of this initiative is to increase employment opportunities in these iconic markets. Building on the ‘shopping’ experience of the customers, this initiative shall work towards:
- Revamping the physical infrastructure: Roads, Sewage, Lighting, Parking etc
- Branding the Markets: Developing a brand for these markets for marketing within and outside Delhi.
- Increasing the footfall: Increase the number of customers visiting these markets
DDC assisted the DTTDC in organising a stakeholder consultation with over 40 market associations in Delhi on 21 April 2022 to obtain their feedback on the process being adopted for selection of iconic markets for redevelopment and the process thereafter. The meeting was chaired by Hon’ble Deputy CM Shri Manish Sisodia. DDC presented the concept behind Iconic Market Redevelopment initiative at this consultation (see Downloads section), which saw an enthusiastic participation from all the major market associations of Delhi.
Subsequently, a 8 member Selection Committee was constituted under DTTDC for selection of the 5 iconic markets to be taken up for redevelopment in Phase 1 on the basis of various parameters such as brand value of the market, footfalls, need and ease of intervention, interest of the Market Association etc. DDC assisted the work of the Selection Committee at all stages. After careful consideration, the Selection Committee shortlisted the following 5 markets:
|Market Name||To be Developed/ branded as|
|Kamla Nagar||Youth hangout zone; a nostalgic walk through the memorable lanes|
|Khari Baoli||Legacy from old Mughal empire; Best spices from all over the world at your door|
|Lajpat Nagar||High End Street Fashion; one stop destination for wedding shopping|
|Sarojini Nagar||Latest Trend setting street markets|
|Kirti Nagar||One stop shop for all furniture and household decor|
DDC is continuing to engage with DTTDC on various stages of design and implementation of the redevelopment plan for these five iconic markets.
Delhi's markets have been the one stop destination for shoppers since ages, but over the years they have become congested and inaccessible for many. Delhi Government aims to redesign, decongest and redevelop these markets in order to increase their business opportunities.
We have seen many governments and had the view that governments only talk to businessmen about taxes, but for the first time I have seen a government which is talking about increasing the business opportunities. Hope this redevelopment initiative brings change in our iconic markets.