BCC bullish on joint ventures: 3 await clearance

BCC bullish on joint ventures: 3 await clearance
New Indian Express

BANGALORE: In keeping with the plan to exploit full commercial potential of its properties, the Bangalore City Corporation (BCC) has finalised three more joint venture deals.

The BCC has planned them, obviously enthused by the success of its joint venture projects such as the ‘Garuda Complex’ on Magrath Road and Maharaja project on KG Road.

Even as the present deal is awaiting a formal nod from the State Government, two more such deals are taking shape.

Under the fresh arrangement, the current Malleswaram market will be developed as a multi-level parking system cum commercial complex, in which BCC will have 51 per cent share while the developer R.V. Builders will have 49 per cent.

The BCC has also finalised projects for Sheshadripuram market and Johnson Market on Hosur Road.

Sheshadripuram Market and Johnson Market would soon make way for seven-storey multi-level parking systems and commercial complexes.

While these projects are awaiting Government approval, BCC is working on proposals to reconstruct its EWS Colony and to build a convention centre-cum-commercial complex, which will also have a five-star hotel at Kodihalli on Airport Road.

BCC Additional Commissioner P.K. Shreehari told this website’s newspaper that BCC experience in managing commercial complexes on its own had been bad.

“It is not our work to manage commercial complexes. We learnt it the hard way. The Madiwala complex we built had no takers for five years and so is the case with BCC complex at Siddaiah Road. City corporations are facilitators and managers of commercial activity. And in case of Garuda and Maharaja complexes, we are assured of non-tax revenue while we make no investments,” Shreehari said.