An artist's impression of the integrated property development project near the KR Puram metro station.
Credit: Special Arrangement
Bengaluru: Namma Metro plans to develop a large parking facility and commercial space near the KR Puram station as part of an integrated property development initiative to increase non-fare revenue.
The greenfield project will feature an 11-storey building, plus ground floor and two basements, just 50 metres from what will be an interchange metro station connecting the Purple and Blue lines.
Bangalore Metro Rail Corporation Limited (BMRCL) has a 6,730-square metre (1.66-acre) land parcel near the junction of Old Madras Road and the Outer Ring Road in the city's east.
"The project will be developed through a public-private partnership (PPP) for 30 years," Raghavendra Rao, Deputy Chief Engineer (Property Development Division), BMRCL, told DH.
Parking will be provided in the two basements. The upper floors can be used for commercial purposes, such as office spaces, retail shops, shopping malls and so on, he added.
According to Rao, the BMRCL expects to earn Rs 10 crore as non-refundable upfront premium and a minimum of Rs 2 crore in annual licence fees.
Requests for proposals for the project were invited recently. May 13 is the last date to submit bids.
The successful bidder will design, finance, build, operate and transfer the project, which will be valid for 30 years, including two years of construction.
The project will have a Floor Area Ratio (FAR) of 4, and the BMRCL hopes to attract Grade 'A' office space developers.
The project is expected to be ready in 2027, shortly after the Blue Line (Silk Board-KR Puram-Airport) opens.
This is the second integrated property development project for the BMRCL this year. In February, the corporation called for tenders for a similar project above the underground metro station at Majestic.
The Majestic site spans 31,920 square metres and can be developed into more than a million square feet of commercial space, including offices, retail shops and hotels. It will also have the largest public parking in Namma Metro.
The KR Puram parking facility will be the second-largest in Namma Metro. Currently, both Majestic and KR Pura metro stations have parking spaces. Majestic has 1,500 square metres for parking 260 two-wheelers and 36 cars, while KR Pura has 1,750 square metres and can accommodate 530 two-wheelers but no cars.
In contrast, the two integrated property development projects will have large covered parking facilities. Majestic will accommodate 4,000 two-wheelers and 1,000 cars, while KR Puram can have 1,742 two-wheelers and 556 cars.
Amid backlash over the recent fare hike, the BMRCL plans to increase non-fare revenue to about 15% of the fare box revenue, which is expected to reach Rs 1,000 crore in 2024-25.
The BMRCL aims to earn Rs 100 crore per year through advertisements, commercial rentals and semi-naming rights. Integrated property development is another option it's tapping for non-fare revenue.