Land along Namma Metro’s phase 1 to be leased to fund phase 2

BENGALURU: The state cabinet on Wednesday resolved to lease out its land holdings along the Namma Metro Phase I, in order to raise funds for Metro Phase II.

Speaking to the media after the cabinet meeting, law minister T B Jayachandra said the government has decided to lease out close to 38 acres of land across Phase I to private entities for commercial use. “However, we have placed a rider that priority must be given for at least a portion of the space to be used for public parking,” said the minister.

Jayachandra said the land can be given on lease for up to a period of 60 years. “While the land is government property, the bidders and the purpose of lease will be finalised by the BMRCL. We will first see as to how many bidders will come forth and for what purpose,” he said.

The land available for lease is spanned across eight Metro stations in the city. Almost all parcels of land are above one acre and can house commercial establishment.

Credits ET Realty

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