Bengaluru Metro to monetise its properties
The BMRCL, which had spoken of its plans at the Global Investors' Meet-2016 , had received many offers from interested firms.
Bengaluru: The Bengaluru Metro Rail Corporation Ltd (BMRCL) plans to commercially exploit its land adjoining its seven Metro stations across the city to earn revenue that will help it pay off its debts and also expand the Metro network.
To begin with, the agency has called for tenders to develop its 14 acre property near the Nagasandra Metro station on a Public Private Partnership basis. Other properties slated for commercial exploitation are a two acre plot at Jalahalli , a five acre plot at Peenya , a 1.5 acre plot at Yeshwanthpur ,six acres on Mysuru Road, five acres in Banasankari, and 2.5 acres on SV Road.
The BMRCL, which had spoken of its plans at the Global Investors' Meet-2016 , had received many offers from interested firms.
The prospective investor will have to integrate the properties with the nearby Metro stations. "Investors can build anything ranging from hotels to multiplexes on the land in question and we will integrate them with the Metro stations," said BMRCL spokesperson, Vasanth Rao, adding, “This will increase the footfall for Metro and the revenue earned from these projects can be used to pay our debts as well as for expansion of the Metro network.”
Although it has been 11 years since the Metro began construction in the city, it is still dependent on the state government even for its operational cost. Its balance sheet shows it ran at a loss of Rs 263 crore in 2014-15 and at a loss of Rs 83.18 crore in 2013-14.
Only five small stretches are operational currently: Reach 1 (MG Road to Byappanahalli, 6.7km), Reach 3 (Sampige Road to Yeshwanthpur, 5.1km), Reach 3a (Yeshwanthpur to Peenya Industry, 4.8 km), Reach 3b (Peenya Industry to Nagasandra, 2.5km) and Reach 2(Magadi Road to Mysore Road, 6.4km).