BMRCL to harness Nagasandra stn

The BMRCL has decided to undertake development of its property at Nagasandra Metro Station and terminal.

It plans to develop around 56,277 sq metres of land along the metro station at Nagasandra through public-private partnership on a design, finance, build, operate and transfer basis.

BMRCL General Manager, Finance, U A Vasanth Rao told Deccan Herald: “The development of the Nagasandra station would not only have more footfalls in the Metro and generate additional revenue, but also provide amenities to the Metro travellers. The BMRCL has decided to carry out a competitive and transparent bidding process for selection of a private entity as the bidder to whom the project may be awarded.”

The property being developed is very close to the Outer Ring Road and the BMIC, and has a large frontage on the main Tumakuru Road. It also has accessibility from the proposed metro and parking facilities. The titles are also clear as the BMRCL has already acquired the property. It also has proximity to both residential and industrial hubs and an elevated expressway is being developed to further improve the connectivity of the region. The expressway terminates within 200 mts from the property. The BMRCL points out that the station at Nagasandra is also a terminal and is expected to serve North of Bengaluru upto Nelamangala.

“The potential demand that this creates can be tapped. Given the fact that it is a large land parcel, it becomes available for integrated development and providing sustainable ecosystem. The property is approximately five km from the Yeshwanthpur station and its micromarket is dominated by residential and industrial developments. The property is meant for development of any private property that is admissible under law. It could be a mall or it could be a software company or any other private property as long as it is within the purview of law,” Rao explained.

The Metro, which has raised loans, has to devise varied sources of finance to service the loan and expenditure of the Metro. “The Metro cannot survive only on ridership. We have lot of finance running and we have to develop various commercial sources of finance to be able to manage the debt. In the overall interest of the Metro and in an effort to create new sources of revenue, we have planned to develop the property,” Rao said.

The BMRCL has given a lease period of 60 years for the company or whichever agency plans to develop the property to return the land. “Sixty years is adequate time to generate enough revenue and profit on investment. We have floated tenders and we are keen on the response. During Invest Karnataka, we showcased the property and lot of inquiries came and many people showed interest.”