Posted: 16 Mar 2010 11:30 PM PDT
The Bangalore Metro Rail Corporation (BMRCL) has signed a first-of-its-kind joint venture with private realty firm Mantri Developers to develop a multi crore commercial hub-cum-metro station at Malleshwaram, north Bangalore
“It will be the first station to be constructed on a public-private participation model with Mantri Developers,” persons with direct knowledge of the development said.
The Malleshwaram station had remained a contentious issue with the developer and the BMRCL locking horns over the land.
However, when contacted both BMRCL and Mantri developers confirmed the developments but refused to share further details.
Sources, however, said Mantri and BMRCL have entered into a revenue-sharing agreement for the proposed station. BMRCL will get 1% of the revenue earned annually for 30 years, and the percentage will go up to 5 after that from the proposed commercial hub-cum-Metro station.
The land will belong to BMRCL but Mantri will spend Rs 35 crore to develop the station, which will be operational by 2013, and then construct a commercial tower over the station.
According to the agreement, BMRCL will lease the space above the station for 99 years and after the 5-acre property is developed, it will be transferred to BMRCL. “This will be a part of Mantri’s mega plan of creating a commercial hub on 24 acres right in the heart of the city,” said the source.
He further said BMRCL had acquired 5 acres at almost no cost, out of 24 acres of prized mill property that Mantri Developers had bought through the auction and has developed into a bustling shopping destination.
In 2005, BMRCL had notified the land for acquisition and since then the Mantris could not develop the land after it was bought by the developer in a land auction from National Textile Corporation. “The company received clearance from the BMRCL three months back to develop the station,” added a source. Source: MagicBricks
No comments:
Post a Comment