The Jayanagar shopping complex, now in a dilapidated state, will be reconstructed by the Bangalore Development Authority (BDA).

The foundation stone laying ceremony will be held on Saturday, which will be attended by chief minister Jagadish Shettar.

Nagarjuna Construction will carry out the reconstruction work on a built-own-operate-transfer (BOOT) basis. The estimate cost is ` 252.27 crore and initially BDA will invest 60% of the amount and Nagarjuna Construction will foot the remaining 40%. BDA will repay that amount to Nagarjuna Construction in a span of four years, with four installments a year. The amount will be paid from the rent collected from the shops. “This is a two-year project and if there is any delay then the BDA need not pay any interest to the contractor,” said a BDA officer.

He also said that the work will be taken up in four phases. In the first phase, the Puttanna theatre will be reconstructed in 9 months time. Then the vegetable market will be shifted to the Puttanna hall. The work on water tank, Maharaja cold storage and Janata Bazaar will be taken up simultaneously. There will be an air-conditioned vegetable market and 1,500 seating capacity auditorium. The complex will be able to park 750 four-wheelers and 2,000 two-wheelers. Rain water harvesting (RWH) system will be installed in the complex.

BBMP council ruling party leader N Nagaraj and Jayanagar MLA BN Vijayakumar have taken up the initiative to look after the work. “We will be monitoring the work till it is completed,” Nagaraj said.The Saturday’s function will also be attended by deputy chief ministers KS Eshwarappa and R Ashoka, mayor D Venkatesh Murthy, law minister S Suresh Kumar and other dignitaries.

The complex which was constructed by Mysore Construction Company (MCC) in 1975. Back then it was the only shopping complex in the entire city. The complex houses Puttanna theatre, vegetable and fish market cold storage and Janata Bazaar.