The owner of Taj Mall Ramesh Gorasia is counting heavy losses amounting to 1.5 billion following a mass exodus of the mall’s tenants. Most of the tenants vacated the premises following the news that the massive building will be brought down to give way for the construction of Outering Road.
Mr Gorasia said that he has suffered heavy losses from his investments after most of the tenants who include Equity Bank and Uchumi Supermarkets vacated the premises. However, Mr Gorasia got a reprieve on Friday when National Lands Commission chairman Mohamed Swazuri gave him a temporary assurance that the mall won’t be demolished since it does not stand on the land needed for road expansion.
Mr Gorasia begged he NLC chair to declare that the mall will never be demolished a request that was rejected. He further begged the government to buy the mall saying it is not generating any profits. Mr Swazuri said Kenya Urban Roads Authority are the one to decide on whether to demolish the mall or not. Two acres of Taj Mall’s 3.57 acres is public land.
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