Bengaluru Central City Corporation presents its first budget with eye on redevelopment

Bengaluru: The Bengaluru Central City Corporation (BCCC) officials presented the corporation’s first budget with a total outlay of close to Rs 3,426.61 crore.

Given that BCCC includes few of the busiest areas in the city including the Central Business District (CBD), the corporation has decided to develop selected roads as business corridors.

“To elevate the commercial significance of the city to a global level, we will develop selected roads as Business Corridors. We will provide state-of-the-art infrastructure in these corridors and collect higher premium fees. We will then reinvest these funds into sustainable urban growth and infrastructure development, thereby strengthening the city’s economic resilience,” the budget statement said.

Since the corporation mostly includes the core areas of the city which have seen drastic growth over the years, the budget focussed on redevelopment and beautification of the historic buildings, markets, lakes, and landmarks.

While the revenue from property tax stands as the major income for the corporation, the BCCC is also planning to raise significant income through municipal bonds, outdoor advertising, premium FAR and such other sources.

The major source of revenue for the corporation include: property tax at Rs 1,406.80 crore, government of India grants at Rs 142.92 crore, state government capital grants at Rs 650.61 crore, and revenue through municipal bonds at Rs 200 crore.