Shillong: The Meghalaya government dropped rental rates for the Polo Commercial Complex. Three previous attempts to lease the building failed completely. Union Finance Minister Nirmala Sitharaman opened the site one year ago. Since then, the property sat empty. It serves as a flagship project for the Shillong Smart City Limited venture.
Shillong Smart City Limited issued a fresh tender on July 28. The new minimum reserve rate sits at 35 rupees per square foot each month. This sets the yearly price at 2.27 crore rupees, plus GST. One operator must take the entire facility. The package covers 79 shops across four floors, a food court, and a gaming zone. Total space spans 54,185.40 square feet. The fourth and sixth floors stay under government control. Local traders struggle for space, yet the state demands one large bidder.
The winner gets a 25-year licence, renewable every six years. The deal includes a nine-month waiver on rent and maintenance fees for fit-out work. After that, common area charges cost 6 rupees per square foot. The building boasts escalators, solar power, and parking for 86 vehicles. Critics label the project a white elephant. An official source described the situation bluntly: the facility has instead become a “white elephant” in one of the city’s most congested hubs.
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