Monday, May 16, 2005
Monday, May 16, 2005 |
| Karnataka | ||||
|
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
Advts: Classifieds | Employment | Karnataka
-
Bangalore
Special Correspondent
BANGALORE: Bangalore Mahanagara Palike (BMP), not exactly cash rich, is counting on joint ventures with private partners to make full commercial use of some of its property in strategic locations. The joint venture projects that have been completed such as the Garuda Complex on Magrath Road and the Maharaja Complex on Kempe Gowda Road seem to have encouraged the BMP to opt for more such high revenue-earning projects. The market at Malleswaram is to be rebuilt as a multi-level parking lot and commercial complex. While the BMP will keep a 51 per cent share in this venture, the private developer will have a 49 per cent stake. The six-storey complex is to have parking space for 185 cars and the existing shops in the market will be accommodated at other levels along with new tenants. The Seshadripuram Market and Johnson Market on Hosur Road are to be rebuilt as seven-storey multilevel parking lots and commercial complexes. These complexes, close to the city's central business district, are expected to rent out for both offices and shops. All these projects are now awaiting government approval. Meanwhile, the BMP is also working on demolishing its housing colony for economic weaker sections at Kodihalli on Airport Road and use the three-acre space for a convention centre and commercial complex. There were complaints of defective construction about the housing colony built in 1992 and the houses will now be rebuilt. Along with the commercial complex, space will be offered for a star hotel as well. According to BMP officials, its experience of managing its commercial complexes on its own has not been economically rewarding. For example, the large market and shops complex at Madiwala has been mostly unoccupied five years after it was completed. The commercial complex on Siddaiah Road too has few takers. By opting for joint ventures where the BMP mostly does its share by providing the land, its capital does not get locked up and a steady income is assured, the officials feel. There have been misgivings among citizens about the scope of such joint ventures. For instance, on Magrath Road, the multi-level parking space is limited while most of the space is occupied by a department store. The public using the parking complex on Kempe Gowda Road also feel letdown because parking space is relatively smaller than expected.
Printer friendly
page
News:
Front Page |
National |
Tamil Nadu |
Andhra Pradesh |
Karnataka |
Kerala |
New Delhi |
Other States |
International |
Opinion |
Business |
Sport |
Miscellaneous |
Engagements |
|
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu
|
