The Bangalore Development Authority has planned to renovate its six commercial complexes and rent them out to raise money for its various projects including the Peripheral Ring Road.
To begin with, the BDA will give a facelift to its commercial complexes situated in Koramangala, HSR Layout, Austin Town, Vijayanagar, RT Nagar, Sadashivanagar and Indiranagar at an estimated cost of Rs 330 crore.
"The complexes will be developed in the public-private partnership model. The existing commercial units will be shifted to other locations, till the buildings are redone. The new allotments will be done at higher floor area ratio rates," BDA member (Engineer)P N Nayak said. Tenders have also been floated for the work.
Three years ago, the BDA had planned to develop its commercial complexes on the lines of BMTC but did not get clearance from the government.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks