BDA complexes set to get a facelift

The tenders had been awarded and the work order too had been issued.
Bangalore Development Authority
Bangalore Development Authority

BENGALURU: Work on seven Bangalore Development Authority commercial complexes, which came to a standstill 17 months ago after Chief Minister BS Yediyurappa put them on hold in September 2019, is set to restart.The decision to rebuild all its commercial complexes through PPP was taken by the previous government. The tenders had been awarded and the work order too had been issued.

A BDA official said, “We are awaiting a formal order to restart work.” The BDA has 566 shops in seven commercial complexes - at HSR Layout, Austin Town, Koramangala, Vijayanagar, Sadashivanagar, RT Nagar and Indiranagar. Most of them are dilapidated. “Once they are redone, BDA expects an increase in annual income from the existing Rs 7 crore to Rs 38.98 crore,” said another official. 

The contract to rebuild and operate them for the next 30 years was awarded on March 22, 2019. It was split into two packages with the Indiranagar complex contracted for Rs 650 crore to Maverick Holdings and Private Limited while the rest were awarded to MFar Developers for Rs 300 crore. The original deadline was March 2021 and the contract term is now likely to be extended to March 2023.  

“BDA was permitted to have revenue from 30% of the space occupied by shops, and 70% was to go to the private party. In the case of Indiranagar alone, it was 35% for BDA and the rest for the private builder,” another official said.

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