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.
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