Wednesday, April 27, 2005

KG Road parking lot to open soon

KG Road parking lot to open soon
New Indian Express

BANGALORE: The city will have another multilevel complex soon with a capacity for parking 396 cars on the busy K.G. Road as the Bangalore City Corporation (BCC) is expected to grant occupation certificate to the developer Maharaja Buildtech soon.

The building is complete and managing director of Maharaja Buildtech, Bhanwar Lal says the inauguration date would depend on the availability of Chief Minister and other dignitaries.

The joint venture project between BCC and Maharaja Buildtech, initiated in March 2002 gives 83 percent of commercial area to BCC while the developer gets 17 percent.

The salient feature of the project is that all parking spaces will be managed by BCC, unlike the other parking lot Garuda, which was inaugurated recently on Magarath Road.

The project is constructed on 4,450 square metres of BCC land opposite Kempegowda theatre on KG Road.

BCC engineer in chief Rame Gowda told this website’s newspaper the project would bring in over Rs. 70 lakh a year from the developer by way of non-tax revenues and through revenue from management of the parking and commercial area.

According to the joint venture agreement, the land would be given by the BCC while the developer makes all the investments. In return, the developer would be given 17 percent share of the commercial space, which can be sold or rented.

Also, the BCC’s share of 83 percent commercial space is given on a management contract to the developer for which the BCC gets over Rs. 50 lakh a year as management fees, said BCC sources.


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