Varanasi to Get ₹74.52 Crore Parking, Shopping Complex and Hotel Project

Varanasi is set to get a major urban upgrade with the construction of a multi-level parking facility, shopping complex, and hotel at a total cost of ₹74.52 crore. The project aims to ease parking congestion while boosting the city’s commercial infrastructure and municipal revenue.

The Varanasi Municipal Corporation has raised ₹50 crore through municipal bonds to finance two major projects. Near Sigra Stadium, a G+6 commercial building will be constructed at a cost of ₹40.52 crore. It will include underground parking, a market complex, and hotel facilities. The building will spread across 2,600 square meters and provide parking space for 56 cars and 22 two-wheelers.

Another commercial complex will be developed on 2.5 acres of land at the animal hospital campus on Kabirchaura Road. This G+2 building will cost ₹34 crore, for which the corporation has already issued bonds worth ₹25 crore.

Officials estimate that these projects together will generate over ₹1 crore in monthly revenue. Shops will be leased at market rates for 30 years, with provisions for periodic rent hikes. The bond amount is expected to be recovered within 50 months, while the repayment period is seven years. Over this duration, the corporation anticipates total earnings of around ₹84 crore.

Meanwhile, the Shaheed Udyan Park in Sigra is also undergoing redevelopment at a cost of ₹7.49 crore. The renovation work is targeted for completion by June 30, 2026, further enhancing public spaces in the city.

Mayor Ashok Kumar Tiwari and Municipal Commissioner Himanshu Nagpal recently inspected the project sites, reaffirming the civic body’s focus on infrastructure development and sustainable revenue generation.