The Bangalore Development Authority (BDA) is turning its pockets inside out trying to fund its expensive steel flyover project. To meet the expenditure, it has decided to auction its valuable corner sites more frequently. The BDA has about 5,000 corner sites in its kitty, a major chunk of which will likely be put on sale.
Despite opposition from citizen groups, the BDA has been going ahead with its Rs.1,791 crore project, even extending it by 1.7 km at an extra cost of about Rs 450 crore. The steel flyover was originally planned between Basaveshwara circle and Hebbal flyover, covering a distance of 6.7 km. The BDA now wants to take it up to Esteem Mall, thereby linking it to the highway which connects with Kempegowda International Airport.
As per the previous estimates, the BDA wants to generate Rs 400-500 crore from auctioning of sites. It also hopes to generate Rs 1,500 from the allotment of sites in Nadaprabhu Kempegowda Layout. “The state government has already instructed the authority to go for fortnightly auctioning of corners sites to generate more revenue. We are hopeful of generating a good amount from the auctions. Additionally, funds will be generated from allocation of sites at Nadaprabhu Kempegowda Layout,” said engineering member of BDA PN Nayak.
Usually, BDA e-auctions sites fortnightly. But the frequency may increase in the coming days.
If the BDA fails to generate funds from these sources, it may have to borrow heavily from financial institutions. In the budget proposal for the current financial year, the BDA expects capital receipts of Rs 1,277.47 crore from the allotment of 5,000 sites in Nadaprabhu Kempegowda Layout. The BDA also expects Rs 227 crore from the allotment of corner site and from the sales of flats, Rs 253 crore.
When asked about its plan to extend the steel flyover, Nayak said: “When the detailed project report was prepared in 2014-15, the stretch between Basaveshwara circle and Hebbal flyover was considered. Three months ago, it was suggested that the flyover be extended by linking the expressway for seamless connection. Now we are working on extending the flyover and nothing can be said about the cost at this stage.”
The BDA had argued that during peak traffic, it takes about 45 minutes to travel from Basaveshwara circle to Hebbal. The steel flyover would help motorist save 30 minutes. However, the convenience will come at a cost, as toll will be collected from vehicles. Extending the flyover is not an easy task as the BDA has to get approval from the National Highway Authority of India (NHAI).
Credits Bangalore Mirror