Reputed real estate developer Embassy Group has inked the first Memorandum of Understanding (MoU) with BMRCL for becoming the first corporate to pump in Rs.100 crore for developing the Kadubeesanahalli metro station lying along the Outer Ring Road. The station will come up right in front of the Embassy Tech Village in the rapidly developing IT corridor.
BMRCL has already taken up the development of a metro line spanning 17 kilometres, linking KR Puram and Silk Board along the Outer Ring Road and this will benefit corporates and IT professionals working in this belt. The project falls under the Namma Metro project’s second phase and the total cost is pegged at Rs.4,200 crores with 13 stations to be built for this metro line. BMRCL has come up with a novel funding proposition for this phase of the metro network and funds can be mobilized through monetization of the land in and around stations, offering exclusive advertising rights for third parties and so on. BMRCL had identified and then invited several companies and other private entities for sponsoring up to 25% of the cost of the project with the view that corporates could take part in swifter funding and execution of these major transportation projects along with congregating funds.
The construction will be done by the Embassy Group as per the specifications and façade designs that have obtained BMRCL approval. The Embassy Group will be paying this amount in installments and the period of permission and concession that has been granted to the Embassy Group is 30 years starting right from the date that commercial operations commence and this could be extended even further based on mutual terms. Embassy will take care of the maintenance of the Kadubeesanahalli metro station, covering housekeeping along with providing all necessary equipment as specified by the corporation. There will be a direct ramp access to the metro station from the Embassy Tech Village along with a dedicated access from the station’s exit point as well. The private stakeholder can utilize the spaces (pre-determined) for advertising purposes. Embassy can also use this leasable retail space that measures around 3, 000 sq. ft. at the metro station while having the benefit of leveraging the linear zone of approximately 250 m around the metro station.
According to the Managing Director and Chairman at the Embassy Group, Jitu Virwani, this is a hugely positive step by the Government for involving corporates towards boosting urban transportation and infrastructure projects in Bangalore. According to the Managing Director at BMRCL, Pradeep Singh Kharola, the MoU that has been signed between BMRCL and the Embassy Group is a part of the novel push for financing by the Namma Metro and this will encourage several corporates to contribute towards the development of urban infrastructure. The Group has been hugely active in developing infrastructure in the city and is thus an ideal partner for the project.
