UPDATE: I had an outraged email message by the franchise owner of crossword Mrs Brinda Ramakrishnan, who reprimanded me for not confirming with her twice before publishing her comments, she also says she meant "probably citibank" and that she has never quoted the figures about the rents and the increase meant in the article.
- On the citibank issue, I dont know how I missed the word probably, only time will tell if its going to be a coffee shop or a Bank. I apologise to Mrs Brinda Ramkrishnan, and hope she forgives me this minor mis-communication.
- On the figures quoted in the article below, I have never mentioned that it was quoted by the franchise owner, I had quoted the source, like I do in all my articles with proper link, Once again I would like to clarify to people who dont read properly, that the source was this blog which publishes news on all corporate deals here http://dealsboard.wordpress.com/2012/06/11/crossword-franchise-store-in-hiranandani-to-close-down/ I expect people to click the link and decide the integrity of the blog, I felt it authentic and so quoted for the same in below.
It was sense of pride Powai-ites felt with the knowledge that they have a world class book store in Powai, which is crosswords. The book lovers in Powai expected a lot more from the book store, and felt it didn't essentially deliver as per their expectations. Nevertheless a bank is last thing we want in Powai, but due to the exorbitant rent in Powai, the only industry which seems to be able to afford offices and shops in Hiranandani Gardens, Powai is the banking and the financial institutions.
[quote]This fearful trend of lopsided development in the city of mumbai which continues unabashedly where essential but non-profit making institutions like libraries, bookshop, exhibition gallery's, and auditoriums are becoming a thing of the past. What can we do about this? Isnt there a government incentive for the same? e.g free land, income tax rebate, subsidies? [/quote]
BTW , do check out the clearance sale before closure at Crossword Powai which has UPTO 70% OFF[box]
The article here explains the exact circumstances in which the store is shutting down, I quote an excerpt from the same below -Also last evening I met the crossword franchise owner (Mrs Brinda Ramakrishnan) at a public rally, where she confirmed that "Crossword was indeed making way for Citibank".
In a conversation with some of the employees in this Crossword outlet, who have been working here for a long time (some since inception), I found out that the reason the store was closing down was due to the Hiranandanis, who own the building where the book store is located, asking for a higher rental from the owner, who happens to be an individual.
The franchise owner is now paying around Rs 5 lakhs for the space, while Hiranandani group is asking for about Rs 10 to 12 lakhs, double of the current rental.
Unwilling to pay the hike in rentals, the owner of the Crossword franchise has decided to close down the shop.[/box]
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