BDA complex redevelopment plan back on the cards?
The Hindu
Meeting recently held with bidders who bagged tenders
An old and controversial proposal to redevelop six Bangalore Development Authority complexes through joint ventures with private players is likely to be revived. When the proposal was first mooted in 2017, it received widespread opposition from various quarters, including the BJP. Senior BDA officials, who spoke to The Hindu, said the complexes in H.S.R. Layout, R.T. Nagar, Sadashivanagar, Indiranagar, Vijayanagar, and Austin Town had been proposed to be redeveloped and tenders for the same were floated in 2017. It was finalised sometime in 2018, with the joint venture project to be executed by Maverick Holdings and Embassy Group. Following opposition, it was put on the back burner. The officials said that last week, a meeting was held with the bidders who had bagged the tender. The meeting was primarily called to discuss the revenue-sharing model and lease conditions. Earlier, an official explained, the revenue sharing model was 30:70, which would obviously cause a huge loss to the BDA.More Related News