Realtor in 'Public Private Partnership' scheme pact with BMRCL
BMRCL has invited companies to sponsor 25 per cent of Phase 2A.
Bengaluru: Under the innovative financing and Public Private Partnership scheme of Namma Metro Phase-2, Rs 100 crore has been received from Embassy Group. This real estate company, the first to officially enter into such an arrangement with the Metro project, has signed a Memorandum of Understanding with BMRCL.
"The MoU has been signed for the construction of the Kadubeesanahalli Metro Station, just outside Embassy TechVillage, on the 17-km long recently approved North-South metro corridor on Outer Ring Road, from Silk Board to KR Puram," said Jitu Virwani, Chairman and Managing Director, Embassy Group.
"The construction will be done in accordance with the façade designs and specifications approved by BMRCL. We will pay Rs 100 crore to them in installments. The period of concession and permission granted will be for a period of 30 years starting from date of commercial operations and could be extended further on mutual terms," Embassy Group officials said. They will look after the housekeeping and maintenance of the station.
As per the agreement an access ramp will allow Embassy TechVillage employees to directly use the Metro and they will also enjoy a dedicated access from exit point of the station.As part of corporate sponsorinship, the company will also be entitled to utilize the pre-determined spaces for advertisements and leasing. BMRCL has invited companies to sponsor 25 per cent of Phase 2A.