BBMP to Clear Mortgage on KR Market

The Bruhat Bengaluru Mahanagara Palike (BBMP) is planning to clear mortgage on KR Market luru:and Utility building from HUDCO.

BENGALURU:The Bruhat Bengaluru Mahanagara Palike (BBMP) is planning to clear mortgage on KR Market luru:and Utility building from HUDCO.

Mayor Manjunath Reddy on Tuesday convened a meeting with senior officials. Sources in BBMP said the civic agency had mortgaged KR Market and Utility Building for `1,250 crore.

While KR Market was mortgaged for `500 crore, the Utility Building was mortgaged for `750 crore.

Sources said some private banks have come forward to give loans. “We are talking to them. If it works out, we will get loan and with the money will clear the mortgage,” he said.