G20 Summit: Connaught Place, Khan Market closure may cause financial loss of over Rs 450 crore, say traders

Since these days are coinciding with the weekend, the losses would be big, said traders

After spending more than Rs 3 crore on the revamp of the Connaught Place market, the central government has decided to shut the commercial and economic business hub for three days due to the G20 Summit between September 8 and 10. Traders of the market anticipate a loss of around Rs 350 crore to Rs 450 crore in these three days because of no business activities.

Along with Connaught Place, other popular markets in the New Delhi district, including Bengali Market and Khan Market, will remain shut during the Summit and traders in these markets also said that business will be impacted.

Atul Bhargava, president, New Delhi Traders Association, said there will be no business at all between September 8 and 10 as Connaught Place will remain shut due to the G20 Summit.

Also Read: MC Explains: Why corporates are moving away from Connaught Place in the heart of Delhi to faraway Gurugram and Noida

“Since these days are coinciding with the weekend, the losses would be big. Connaught Place market witnesses a business of roughly Rs 100 crore to Rs 150 crore every day but due to zero footfall between September 8 and 10, we are anticipating a cumulative business loss of around Rs 350 crore to Rs 450 crore. As a trader, I feel bad but the government also had no option but to shut the market from a security point of view,” Bhargava told Moneycontrol.

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He said that it is ironic that the market was revamped for the G20 Summit but will be kept shut due to the Summit only. On weekends, shops in Connaught Place witness around 1 lakh to 1.5 lakh footfalls.

The G20 Summit

The 18th G20 Summit will be held in New Delhi during September 8-10. Over 25 world leaders along with other delegates will attend this grand event at Pragati Maidan. All entry and exit points near the venue, the newly-built Bharat Mandapam convention centre, will be regulated. All establishments – schools, offices, restaurants, malls and markets – will be closed in New Delhi from September 8 to 10.

Also Read: G20 Summit in India: What's open, what's closed and how to travel in Delhi from September 8-10

In the run-up to the G20 Summit, the New Delhi Municipal Council (NDMC), with the help of the Indian National Trust for Art and Cultural Heritage (INTACH), revamped Delhi’s popular market Connaught Place in June this year at an estimated cost of Rs 3.19 crore.

Traders said the revamp was done so that the delegates could see the beauty of the market but it will remain shut due to security reasons.

‘G20 delegates to miss out’

Sanjeev Mehra, president, Khan Market Traders Association, said that retail and food markets are an integral part of Delhi’s cultural personality. “Completely shutting down the market including food and beverage establishments during the G20 Summit would not only result in financial losses to us but also deprive international delegates of witnessing Delhi’s unique shopping and culinary experiences,” he said.

Traders are expecting a financial loss of around Rs 9-10 crore in three days, he said, adding that Khan Market is popular among foreigners and in the past many foreign delegates have visited the market to see and buy Indian cultural artefacts. “This time we will miss out on this opportunity of showing our hospitality but we respect the Prime Minister’s decision to shut the market for security concerns,” he said.

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Traders in Bengali Market located near Connaught Place echoed similar views. Pramod Gupta, a representative of the Bengali Market Association, said the market sees good footfalls during weekends but it will be closed on those days due to the Summit, hence losses would be substantial. He, however, could not provide the quantum of the likely losses.