It will come up on 9.78 acres of land
New project:The mega complex is proposed under public-private partnership.
The Bangalore Metropolitan Transport Corporation (BMTC) has unveiled plans to build a mega commercial complex along with a travel and transit management centre (TTMC) on 9.78 acres of land in Jayanagar 4th T Block. At present, a BMTC depot, a hospital and staff quarters are located here.
Unlike the other 10 TTMCs that were constructed partly under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and partly through debt, this one is to come up under public-private partnership.
The BMTC appears to have learnt its lessons from earlier TTMC projects that are now considered commercially unviable. The Jayanagar project will be on a “design, finance, develop, construct, implement and handover” basis at a cost of around Rs. 240 crore. The selected concessionaire will be in occupation of the commercial space for a period of 30 years, including the construction period.
The corporation expects a minimum initial annual fee of Rs. 1.2 crore a year. The one who offers the highest annual fee will be selected as the concessionaire.
This fee will have to be paid from the fourth anniversary of the appointed date (date of handing over of the project site) and will be increased by 15 per cent every fourth year compounded for the remaining concession period.
The concessionaire will also have to pay Rs. 10 crore upfront to the corporation.
Quoting market surveys, the BMTC has said that the proposed commercial complex could house a hypermart; an anchor mall ; a 10-screen multiplex; other retail/ restaurantsand other commercial uses such as ATMs, magazine kiosks and chemist shops. The concessionaire will be given the freedom to decide the mix.
Minimum obligation
While the concessionaire is allowed to commercially exploit about 5.75 lakh sq ft area for 25 years (excluding 5 years of construction period), he has to provide several facilities required for bus operations within two years of getting possession of the project site. The minimum development obligation, includes bus terminals for BMTC and KSRTC with 15 bus platforms each and idle parking slots — 25 for BMTC and 10 for KSRTC. The terminals should also have passenger amenities as in other bus stations and reserved parking area for BMTC's park & ride scheme. While the BMTC depot should be designed to accommodate 150 buses, KSRTC depot should accommodate 75 buses. They should also have all facilities available in other depots, including crew rest room and cafeteria.
Having invited single tenders under the three-cover system, the last date for opening the tenders is likely to be extended from February 17 following requests for more time from prospective bidders in the recently held pre-bid meeting, sources in BMTC said.
New project:The mega complex is proposed under public-private partnership.
The Bangalore Metropolitan Transport Corporation (BMTC) has unveiled plans to build a mega commercial complex along with a travel and transit management centre (TTMC) on 9.78 acres of land in Jayanagar 4th T Block. At present, a BMTC depot, a hospital and staff quarters are located here.
Unlike the other 10 TTMCs that were constructed partly under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and partly through debt, this one is to come up under public-private partnership.
The BMTC appears to have learnt its lessons from earlier TTMC projects that are now considered commercially unviable. The Jayanagar project will be on a “design, finance, develop, construct, implement and handover” basis at a cost of around Rs. 240 crore. The selected concessionaire will be in occupation of the commercial space for a period of 30 years, including the construction period.
The corporation expects a minimum initial annual fee of Rs. 1.2 crore a year. The one who offers the highest annual fee will be selected as the concessionaire.
This fee will have to be paid from the fourth anniversary of the appointed date (date of handing over of the project site) and will be increased by 15 per cent every fourth year compounded for the remaining concession period.
The concessionaire will also have to pay Rs. 10 crore upfront to the corporation.
Quoting market surveys, the BMTC has said that the proposed commercial complex could house a hypermart; an anchor mall ; a 10-screen multiplex; other retail/ restaurantsand other commercial uses such as ATMs, magazine kiosks and chemist shops. The concessionaire will be given the freedom to decide the mix.
Minimum obligation
While the concessionaire is allowed to commercially exploit about 5.75 lakh sq ft area for 25 years (excluding 5 years of construction period), he has to provide several facilities required for bus operations within two years of getting possession of the project site. The minimum development obligation, includes bus terminals for BMTC and KSRTC with 15 bus platforms each and idle parking slots — 25 for BMTC and 10 for KSRTC. The terminals should also have passenger amenities as in other bus stations and reserved parking area for BMTC's park & ride scheme. While the BMTC depot should be designed to accommodate 150 buses, KSRTC depot should accommodate 75 buses. They should also have all facilities available in other depots, including crew rest room and cafeteria.
Having invited single tenders under the three-cover system, the last date for opening the tenders is likely to be extended from February 17 following requests for more time from prospective bidders in the recently held pre-bid meeting, sources in BMTC said.
- The corporation expects a minimum initial annual fee of Rs. 1.2 crore per year
- The firm that offers highest annual fee will be selected as concessionaire
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