BMRCL to lease its land, space in metro stations

BMRCL to lease its land, space in metro stations
The Bangalore Metro Rail Corporation Limited (BMRCL) has decided to lease out 34.60 acres of prime lands and the space above Namma Metro stations to raise money for clearing its debt and taking up Metro phase II works.

“We are looking forward to big investors to take our lands for commercial development. They can build commercial complexes or office space. Bidding will soon be taken up to give away the lands on long-term lease of 50 to 60 years. The BMRCL is planning to use the money to pay off debt and take up further expansion,” BMRCL Managing Director Pradeep Singh Kharola said on Thursday while making a presentation on “Metro Has Investment Opportunities,” at Invest Karnataka – 2016.

The BMRCL has lands at seven locations, including 14 acres near its Nagasandra station, five acres near Peenya station and six acres off Mysuru Road. The lands were showcased at the meet to woo investors. Though Kharola refused to divulge information on how much money the BMRCL was expecting to raise, he said the money will be adequate to pay off loans to the tune of Rs 4,000 crore availed for the phase I and take up the phase II works.

But the investors planning to take these lands on lease have to pay minimum of 90 per cent of the lease amount upfront.

“It will be our only major condition. We want 90 per cent of the money paid upfront. This apart, the investors will be free to commercially exploit the lands as per bye-laws. If necessary, efforts will be made to relax certain zoning regulations and provide direct access to Namma Metro stations for the benefit of the investors,” he added.

Besides, space above all the metro stations will be leased out for commercial development.

Every station is spread across one acre of land. They have huge commercial potential. The Comprehensive Development Plan for Bengaluru has allowed floor area ratio (FAR) of four at metro stations. This, in other words, means one can build skyscrapers at these places.
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