The commercial complex of the KSRTC in Kozhikode. The structure was constructed at a cost of ?65 crore. | Photo Credit: K_RAGESH more-in The decision of the Kerala Transport Development Finance Corporation (KTDFC) inviting tenders to lease the Kerala State Road Transport Corporation’s commercial complex on Mavoor Road may come as a breather to the financially-distressed establishment. A Kerala High Court verdict in favour of the re-tendering process has, in a way, enabled KTDFC, a non-banking finance company of the State government, to wriggle free from a legal tangle it had been caught in for over two years. Monday was the last day for companies to submit tenders online to bid for the project, which involves developing the 3,28,460.32-sq ft commercial space into a single unit. On offer Accordingly, bidders can rent out space for pay-and-park, pay-and-use toilets, advertisement, and housekeeping, besides taking charge of the annual maintenance contract for lifts and escalators. Officials said companies could also opt for rent holiday and rent enhancement. They added that tenders would be opened next month. The twin-tower complex, constructed at a cost of ?65 crore, was inaugurated on June 1, 2015. While the first tower has 10 floors, the second has 11 floors including parking area. The debt has now crossed ?120 crore. Earlier, the High Court had cancelled an in-principle agreement the KTDFC had reached with Mukkom-based MAK Associates after rival bidders cited ambiguity and anomalies in the contract. They had also alleged flaws in the construction of the towers. The agreement was that the company should invest ?50 crore as non-refundable security deposit and pay a monthly rent of ?50 lakh for the commercial space. The contract period was for 30 years, and the rent was to be hiked by 10% every three years. A rent holiday for 18 months was also allowed for the firm.

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