Bengaluru: Though the Bangalore Metro Rail Corporation Ltd had last month announced an elevated rail-cum- road bridge for a metro link between K.R. Puram and Silk Board, the project, estimated to cost Rs 900 crore, is yet to get the state government's final approval. BMRCL plans to raise funds by leasing properties close to the route and has sought amendment of zonal regulations.
The BMRCL had announced that it would be done on a cost sharing basis, with BMRCL contributing Rs 800 crore and the BDA investing the rest Rs 100 crore, through innovative financing. "The plan is to raise funds by leasing out properties on the road adjoining the entire metro link stretch.
The property values will go up because of the metro connectivity, of which we will get a share. However, building height needs to be increased, for which we need amendment in the zonal regulations of the Karnataka Town Planning Act," said Vasanth Rao, Chief Public Relations Officer, BMRCL.
"The rules need to be amended so the builders can construct structures to a greater height and rent the space out. The 15 per cent of the guidance value will go to the metro. The building can be leased out for commercial or residential purposes," Rao added.
While Rs 800 crore is a huge amount to raise, the department is waiting for the Government's approval hoping an amendment will be made in the zonal regulations of the Karnataka Town and Country Planning Act, 1961.
When Deccan Chronicle contacted Mahendra Jain, Additional Chief Secretary (Urban Development), he said, "The carrying capacity of the area will increase once the metro services begin. We are working on amending the zonal regulations. Once this is done, the current Floor Space Index (FSI) can be increased from 3 to 5, which is optional and on payment. This way the building height can be increased," Jain said, adding that more development can take place in this area after the Metro link is built.
On January 12, the Bangalore Metro Rail Corporation Ltd said approval from state government would take a month and construction another 36 months. This area is notorious for traffic gridlocks. The design proposed has the metro rail and an elevated road, going above the existing Silk Board flyover, with an aim to reduce congestion.
