BENGALURU: As Bengaluru struggles with an ever-growing number of vehicles and shrinking parking space, a solution, though not a complete answer, stands unused at the Yeshwanthpur Agricultural Produce Market Committee (APMC) yard.
A 10-storey parking complex, located in one of the city’s busiest transit and commercial hubs, remains inoperative despite its completion in 2023. The reason: The cost of making the complex operational is much higher than the returns.
According to APMC officials, work on the complex was completed in October 2023 at a cost of nearly Rs 80 crore. Tenders have been invited thrice since then to start parking operations. Tenders were first invited in January 2024, but did not attract a single bidder. Tenders were floated in July that year. Though certain conditions were revised, the firms, which attended pre-bidding meetings, backed off. Tenders were called again in March last, following consultations with officials who had managed the Freedom Park parking facility. But no bidders came forward.
Contractors consistently flagged concerns over high investments and limited financial returns. It is mandatory for them to automate and digitise the operations. This invites significant expenditure on software and hardware, including cameras, boom barriers, sensors, number-plate recognition systems, and fully digitised entry, exit and payment infrastructure.
These costs, bidders argued, were difficult to recover due to capped parking fees approved by erstwhile BBMP -- Rs 25 for cars and Rs 15 for two-wheelers for one hour, with hourly slab-based increases thereafter, the officials said.
To address their concerns, an Expression of Interest was floated, seeking inputs on viable models such as fixed rent or revenue sharing. Two qualified responses were received and are now under examination by senior officials.
APMC Additional Director and Secretary Doreswamy KC said the authorities are keen to operationalise the facility soon and may float tenders in the next few days, with revised annuity and profit-sharing clauses aimed at unlocking the long-idling asset.
The officials said the complex can accommodate 735 cars and 110 two-wheelers. About 40% of the parking zone is reserved for licensed traders functioning from the APMC market. The complex has 26 shops, which are in the process of being allotted to generate rental revenue.
The complex is near the metro station, railway station, market yard and an industrial area.