MODERN TIMES AHEAD: Park Circus market, set for redevelopment. A Telegraph picture

Reliance Retail has taken over Park Circus market by paying in full Rs 30.33 crore to the Calcutta Municipal Corporation, which has accepted the private group’s “responsibility matrix” for redevelopment with some modifications.

“Reconstruction of the civic market will start from the second week of December,” said mayor Bikash Ranjan Bhattacharyya. “In the first phase, the 400-odd stall-owners of the market will be relocated on Park Circus Maidan.”

The century-old market building, which the civic body acquired in 1930, will be pulled down and a “modern” market complex will come up in its place. “All the stall-owners will be rehabilitated in the revamped complex,” said a senior civic official.

To facilitate the redevelopment, Reliance had put forward a “responsibility matrix”, which binds it and the civic body to a series of time-barred, choreographed steps.

Joint civic commissioner Sahidul Islam said Reliance will “start setting up infrastructure on Park Circus Maidan as soon as we hand over a plot to them. I hope the plot will be made available by the second week of December.”

As part of the rehabilitation scheme, Reliance will provide a facelift to Park Circus Maidan, he added.

Mayoral council member (parks and gardens) Faiyaz Ahmed Khan said Reliance will be asked to pay for using the Park Circus ground to relocate the stall-owners. “The money will be spent on the uplift of the other city parks.”

Civic sources said Reliance is also interested in taking over other markets in north and south Calcutta for reconstruction.