Page 16 - CONSTRUCTION VISION July August 2017 issue

intention to congregate funds as well as get The group said as part of the agreement it
corporates to participate in faster funding will maintain Kadubeesanahalli Metro
and completion of transportation projects. Station including housekeeping and
maintenance along with all the equipment
The construction will be done in accordance
as per specifications laid by the corporation.
with the facade designs and specifications
approved by BMRCL. Embassy has agreed BMRCL had identified and invited private
to pay the amount in installments. The entities and companies to sponsor up to 25
period of concession and permission per cent of the total project cost with an
granted to the real estate company for 30 intention to congregate funds as well as get
years starting from the date of corporates to participate in faster funding
commencement of commercial operations and completion of transportation projects.
and could be extended further on mutual
EMBASSY GROUP TO FUND Mr. Pradeep Singh Kharola, MD, BMRCL
terms.
CONSTRUCTION OF ORR said that the MoU signed between BMRCL
METRO STATION Embassy can also use the leasable retail and the Embassy Group is part of the
space measuring approximately 3000 sq.ft innovative financing push by Namma Metro
at the metro station and have the and they strongly believe that it will
The Bangalore Metro Rail Corporation Ltd
advantage of leveraging the linear zone of encourage corporate to come forward and
(BMRCL) on Friday signed its first
250 m around the Kadubeesanahalli metro contribute in developing the urban
memorandum of understanding (MoU) with
station. infrastructure and build a well-equipped
the Embassy Group, as real estate
As part of the agreement,Embassy will modern city.
company in Bengaluru to fund the
maintain Kadubeesanahalli Metro Station
construction of its new 17 km Outer Ring Embassy Group has been very active in
including housekeeping and maintenance
Road Line between Silk Board and KR developing city infrastructure initiatives and
along with all the equipment as per
Puram, along the ORR facilitating the they are glad to associate with them on this
specifications laid by the corporation. There
techies, corporate working here to access project.
will be a ramp access directly to the Metro
the metro network. The project has been
station from Embassy TechVillage, and a
taken up under the second phase of the The 13 stations on this route are planned at
dedicated access from the exit point of the
Namma Metro project and is pegged to Rs KR Puram (interchange with the upcoming
station.
4200 crores. This line will have 13 stations. Purple Line's extension to Whitefield),
Mahadevpura, DRDO Sports Complex,
Embassy Group to become the first The private stakeholder will be entitled to Doddanakundi, ISRO, Marathahalli,
corporate to invest Rs 100 crores, the funds utilize the pre-determined spaces for Kodbisanahalli, Kadubeesanahalli,
from this tie-up will be used to directly for advertisements. Embassy can also use the Bellandur, Ibbalur, Agara Lake, HSR Layout
the construction of Kadubeesanahalli metro leasable retail space measuring and Silk Board (interchange with the
station along Outer Ring roa. The stationd approximately 3000 sq.ft at the metro upcoming RV Road – Bommasandra line).
is planned to come up right in front of the station and have the advantage of
Embassy Tech Village along the booming IT leveraging the linear zone of 250 m around A MoU is essentially a non-binding
corridor. the Kadubeesanahalli metro station. agreement, but this is a good start for a
funding model that has never been tested to
The line's Detailed Project Report was Jitu Virwani, Chairman and Managing this extent in the past.
prepared by BMRCL in 2016 who estimates Director, Embassy Group said that they
its construction & system procurement to see this as a positive step by the
cost Rs 4202 crores. Instead of relying on government to involve the corporates
foreign lenders, BMRCL for the first time, towards improving infrastructure and urban
came up with innovative funding for this transportation projects in the city. With the
line—which means that funds can be commencement of the project they look
mobilized by monetizing land around forward to bring about better public
stations, giving exclusive advertising rights infrastructure in the city and continue to
to third parties etc. work in close partnership with various
authorities and local city administration on
BMRCL had identified and invited private various programs to support communities in
entities and companies to sponsor up to and around Bengaluru and their business
25% of the total project cost with an parks.

JULY-AUGUST 2017
14 CONSTRUCTION VISION