The fence that ate the crop

You can park and have fun here
Deccan Herald

A hi-tech integrated parking and entertainment complex — Garuda — on Magrath Road was inaugurated by Chief Minister N Dharam Singh on Monday.

The 11-storey multi-utility complex, built under “Build, Own, Operate and Transfer (BOOT)” basis on 30 years lease, is an integrated structure, where besides vehicle parking (both four-wheeler and two-wheeler), shopping malls, hotels and multiplex are also located. The utilities will be thrown open for public from May 1, 2005.

Built as a joint venture between Bangalore Mahanagara Palike (BMP) and Maverick Holdings and Investments Private Limited on 60:40 share of complex space, it has parking space for nearly 1,000 cars and over 600 two-wheelers.
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While shopping malls and vehicle parking complexes will be open to public from May 1, the proposed hotels and multiplex theatre are expected to become operational after May 15.

Of the 11 floors, five are reserved for shopping and entertainment purposes, the rest of six floors are earmarked for vehicle parking. With 60 per cent stake in the project, the promoters will have their control on half of parking space (500 cars) also, while BMP will run the pay-and-park system on the other 500-car space.

The BMP has decided to hand over 40 per cent share (commercial space) to the promoters for operation and maintenance by charging the management contract fee of Rs 1 crore per year for 30 years. There will be a 15 per cent hike in the fee amount for every five years, BMP Commissioner K Jothiramalingam told reporters. Parking space is available in all 11 floors. The promoters have fixed parking fee at Rs 10 per hour. But BMP is yet to take a decision on it.

The complex will house the city’s first INOX multiplex with five screens and a seating capacity of 1,350 seats. Besides it will have kids playing centres and food court with over 20 counters.

FREE PARKING MAY CONTINUE

The chief minister hinted that the new free parking regime may continue on the city roads, as decided by BMP.

Asked about the Government’s decision after Home Secretary Brahm Dutt’s recommendation to retain pay-and-parking system, Mr Singh said: “We have held discussion twice in the past. BMP has already introduced free parking ... if necessary we will hold discussion again and take a final decision.”