Nagpur: Work to revamp four prime market spaces of the city is likely to begin soon. The commercial centres under the plan include Cotton Market, Santra & Khowa Market, Gol Bazar and Netaji Market. These are some of the oldest markets, and over the years, have become city’s landmarks.The vintage edifices of yesteryear would now pave way for state-of-the-art structures after a memorandum of understanding (MoU) to that effect was signed between MahaMetro Nagpur and Nagpur Municipal Corporation on Tuesday. The MoU was signed by MahaMetro managing director Dr Brijesh Dixit and municipal commissioner Abhijeet Bangar in presence of Union transport minister Nitin Gadkari.City MLAs Krishna Khopde, Dr Milind Mane, Vikas Kumbhare, MLC NG Ganar, chairman of Small Scale Industries Corporation and ruling party leader Sandip Joshi and former mayor Pravin Datke were present during signing of MoU.Cotton Market is the oldest and one of the biggest vegetable markets of the city. In the past, it used to be a point for cotton procurement. The market got its name from the large number of cotton traders who would come there. Though an open building in 1901, a structure was erected there in 1928 at a cost of Rs30,000. The present structure dates back to 1969.Similarly, Tularam Sakhre Gol Bazar is located at Gaddigodam and was established in 1931. Gol Bazar derives its name from its shape – it is round nature and has multiple entries. It was set up in pre-Independence era and houses a number of shops.Netaji Market, a commercial hub in Sitabuldi, houses vegetable and flower markets, besides hosting a range of shops. Initially, it housed vegetable sellers but today people flock here for flowers.Recently, the NMC’s general body paved way for redevelopment of these markets by passing a resolution. Bangar, however, said Metro will bear the capital cost of all the markets. However, after completion of the projects, both NMC and MahaMetro will share the profits equally, he said.As per the MoU, NMC will hand over land of these markets to Metro for joint development of project. The ownership of the land will be with NMC, however, Metro would be responsible for resettlement of existing allottees. NMC would provide assistance for the same. Land required for temporary relocation of existing allottees of NMC will be provided by the civic body.As per the joint development initiative, the land will belong to NMC and development will be done by MahaMetro.

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