Karnataka - Gulbarga   

Land leased out for new bus-stand, mall

GULBARGA: The State Government has cleared a proposal to lease out prime land measuring 2.38 acres in the heart of the city for the construction of an intra-city bus-stand and a shopping mall on a public-private-participation (PPP) model.

An MoU has been signed between the North-Eastern Karnataka Road Transport Corporation (NEKRTC), which owns the prime land, and Chandrakant Consortium, a Bangalore-based company that has tied up with Bangalore Span Architects, Mahalaxmi Jewellers and others to take up the construction of the bus-stand and mall.

NEKRTC Managing Director Shankar Patil said here on Sunday that the land, which is adjacent to the administrative office of NEKRTC on the Gulbarga railway station to supermarket road, has been let on lease for 30 years with a condition that the consortium would pay a lease rent of Rs. 36 lakh a year and hand over the buildings, including the shopping mall and the bus-stand and any other property on the leased land, to the NEKRTC at the end of the lease period.

As per the estimates, Chandrakant Consortium would invest Rs. 9 crore in the project — Rs. 2 crore for the bus-stand and Rs. 7 crore for the mall.

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