BDA complexes to be rebuilt soon

Bengaluru: The Bangalore Development Authority (BDA) is now speeding up the process of reconstruction of its commercial complexes.

The authority will issue a work order in a week to start the reconstruction of seven of its commercial complexes, said Ravindra Babu, BDA, Engineer.

The existing shop owners in the complexes will be shifted to makeshift temporary shops for two years till the completion of the restructuring work so that their business is not affected, he said.

In the first phase, the BDA will take up reconstruction work of Indiranagar, RT Nagar, Austin Town, Koramangala, Vijayanagar, Sadashivanagar and HSR Layout commercial complexes under the public-private-partnership (PPP) model.

The Maverick Holdings and Investments Private Limited and Embassy Group will do the Indiranagar complex reconstructing work. The remaining complexes will be redone jointly by M-Far Developers Private Limited and Realty Limited and others.

Babu said these companies would also have to create good quality structures in order to house the existing tenants for two years.

After the completion of the project, the authority will get 35% of the complex space which it will hand over to the existing tenants according to the agreement.

Once the commercial complexes are redone, the authority expects an increase in its annual income from the existing Rs five crore to Rs 38.98 crore. While the HSR Complex is 13 years old, the remaining are 30 years old.

DH News Service