The 30-acre land of the defunct State-owned Mysore Lamps Company is likely to make way for a high-income group (HIG) housing project in the prime West of Chord Road locality.
According to an ad hoc proposal made by Chief Minister D V Sadananda Gowda and Home Minister R Ashoka, the 71-year-old company, which was shut down after it fell on bad times, will be demolished.
It will pave way for ultra luxury condominiums and apartments which will be constructed in its place by the Bangalore Development Authority (BDA).
However, the matter appears to be pending in the Company Court.It was referred to by the High Court in early 2011 while quashing the State government order to close down the firm.
Sources said the housing project proposal was made during a discussion between BDA Commissioner Bharath Lal Meena and Chief Minister Sadananda Gowda on Tuesday.
Proposed two years ago
Speaking to Deccan Herald, Malleswaram Legislator Dr Ashwath Narayana said the plan to utilise the Mysore Lamps land for constructing ultra-luxury houses was proposed two years ago to the Bruhat Bangalore Mahanagar Palike.
“The proposal was made by us for the construction of houses for high-income groups to save the land from being sold to private players with vested interests. However, Meena, who was then the BBMP commissioner, could not implement the project because of financial constraints in the Palike,” he said.
On Tuesday, Gowda and Ashoka appealed to the BDA commissioner to consider the proposal of constructing ultra-luxury houses on the prime land. “Pricing for each unit may go up to Rs one crore,”Ashoka said.
The government is likely to retain five acres for public utility purposes. “The entire Yeshwantpur area does not have a single playground. The BDA can retain five to six acres for the construction of a park and playground for citizens,” said Narayana.
It is said that if the government does not intervene, the company land would be auctioned off by investors to recover debts. Mysore Lamps owes close to Rs 165 crore in debt.