Mangaluru: MLA JR Lobo laid the foundation stone for New Kadri Market building at Mallikatta here today.

Addressing the gathering, Lobo said, “The shop owners have requested the MCC for a new building, MCC engineers took 2-3 years to design the project. This project will be built at a cost of Rs 12.30 crores. The cabinet has approved and sanctioned Rs 5 crore. At present, the budget of this project is Rs 12.30 crore which might increase to Rs 16 crore, thanks to GST,”

“An alternative market will be constructed at a cost of Rs 60 lac, so that shop owners can shift their business there before the construction of the new market complex, he added.

Meanwhile, new market set up will be constructed at Urwa and Alake. This will be taken up under the smart city plan, he said.

Mayor Bhaskar Moily, deputy mayor Mohammed, corporator Naveen D’Souza, Praveen Chandra Alva, Sabitha Misquith and others were present.