Bhubaneswar, July 30: The Sambalpur administrator has begun preliminary work to convert the city's oldest market, Golebazar, into an ultra-modern multi-storey market building.

Bimalendu Rai, commissioner of the Sambalpur Municipal Corporation, said the layout of the proposed market building was already prepared.

Bhusan Power and Steel Limited and the Aditya Birla Group will jointly execute the first phase work under their Corporate Social Responsibility scheme.

Around Rs 10 crore will be spent on the construction of a two-storey building with basement parking facilities in the first phase, according to sources in the know.

Grocery shops and vendors from the old market will be moved to the building once its is constructed. The authorities have set a one-year target to complete work on the first phase.

The next two floors will be constructed in the second phase, said officials of the municipal corporation.

Built in 1903, Golebazar houses 180 shops at present. There are more than 200 vegetable vendors in the century-old market, spread over 1.5 acres in the heart of the city. All the traders who operate from the market will be accommodated in the proposed multi-storey building.

"According to the preliminary assessments that we conducted, around Rs 40 crore will be spent in completing the total project," said an official of the Sambalpur Municipal Corporation.

Golebazar was established by the Sambalpur Municipality in 1903 and named after King Edward VIII. It has since become known by its present moniker because of its round shape.

"Golebazar is the most congested yet sought after market. Because of its location, a majority of the population depend on it for their daily needs. The problem of parking problem in the busy area will end after the project is completed," said local resident Deepak Panda.