A train on the Green Line of Namma Metro's Phase-1, from Sampige Road Metro Station to Yelchenahalli Metro Sta... Read More

BENGALURU: On Friday, Embassy Group, a real estate company in Bengaluru signed the first MoU with BMRCL to become the first corporate to invest Rs100 crore for the construction of Kaudbeesanahalli metro station along Outer Ring road. The station is going to come up in front of Embassy Tech Village along the booming IT corridor.

BMRCL has taken up the construction of 17 km metro line connecting Silk Board and KR Puram along the ORR facilitating the techies, corporates working here to access the metro network. The project has been taken up under the second phase of the Namma Metro project and is pegged to Rs 4200 crores. This line will have 13 stations.

BMRCL for the first time, came up with innovative funding for this line—which means that funds can be mobilized by monetizing land around stations, giving exclusive advertising rights to third parties etc. BMRCL had identified and invited private entities and companies to sponsor up to 25% of the total project cost with an intention to congregate funds as well as get corporates to participate in faster funding and completion of transportation projects.

The construction will be done in accordance with the façade designs and specifications approved by BMRCL. Embassy has agreed to pay the amount in installments. The period of concession and permission granted to the real estate company for 30 years starting from the date of commencement of commercial operations and could be extended further on mutual terms.

As part of the agreement,Embassy will maintain Kadubeesanahalli Metro Station including housekeeping and maintenance along with all the equipment as per specifications laid by the corporation. There will be a ramp access directly to the Metro station from Embassy TechVillage, and a dedicated access from the exit point of the station. The private stakeholder will be entitled to utilize the pre-determined spaces for advertisements. Embassy can also use the leasable retail space measuring approximately 3000 sq.ft at the metro station and have the advantage of leveraging the linear zone of 250 m around the Kadubeesanahalli metro station.

Jitu Virwani, Chairman and Managing Director, Embassy Group said, “We see this as a positive step by the government to involve the corporates towards improving infrastructure and urban transportation projects in the city. With the commencement of the project we look forward to bring about better public infrastructure in the city and continue to work in close partnership with various authorities and local city administration on various programs to support communities in and around Bengaluru and our business parks.”

Mr. Pradeep Singh Kharola, MD, BMRCL said, “The MoU signed between BMRCL and the Embassy Group is part of the innovative financing push by Namma Metro and we strongly believe that it will encourage corporates to come forward and contribute in developing the urban infrastructure and build a well-equipped modern city. Embassy Group has been very active in developing city infrastructure initiatives and we are glad to associate with them on this project.”

