BBMP to pay Rs 60 crore as interest annually

BANGALORE: The Bruhat Bangalore Mahanagara Palike (BBMP) has to pay `60 crore as annual interst for the Rs 500 crore loan, which was obtained after mortgaging the historical Krishna Rajendra M

Published: 05th February 2012 05:30 AM  |   Last Updated: 16th May 2012 05:49 PM   |  A+A-

BANGALORE: The Bruhat Bangalore Mahanagara Palike (BBMP) has to pay `60 crore as annual interst for the Rs 500 crore loan, which was obtained after mortgaging the historical Krishna Rajendra Market (K R Market), JD(S) leader Padmanabha Reddy said.

Charging the ruling party president B R Nanjundappa who claimed that they have not mortgaged K R Market, Reddy said that he has the documents of BBMP obtaining the loan by mortgaging the market at an interest of 12 per cent annually.

“It is unfortunate that Palike has to pay Rs 60 crore interest annually to obtain the loan,” he said. He said that he has all the documents related to ‘declaration of mortgage by deposit of title sale deed,’ which has BBMP Commissioner M K Shankarlinge Gowda’s signature.

Further, Reddy said that if this practice (mortgaging) continued, the ruling party would sell entire Bangalore, to clear its  loans.

“After BJP party came into ruling, they have spent time in practicing corruption. They have to look after the development works instead of practicing corruption. If this mortgaging practice continues, we will not keep quite,” he warned.

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