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• Old Madras Road is set to witness increased commercial activity with the advent of Namma Metro.After Bangalore Metro Rail Corporation Ltd. (BMRCL) proposed to develop a Commuter Lifestyle Centre on 10 acres of land at Byappanahalli on Old Madras Road under public-private partnership, it now plans to build Namma Metro Towers near Swami Vivekananda Road Station under PPP to exploit the commercial potential of the land at its disposal.The corporation has 1.4 acres of land in excess of the station building, which it wants to put to commercial use by roping in a private partner.This project will be under design, finance, build, operate and transfer basis, wherein the private partner would manage the property for 40 years after construction.
• The Bangalore metro has put the condition that the private partner should provide additional parking at the proposed tower to offer park and ride facility to commuters.The private partner should provide offer seamless connectivity with the Swami Vivekananda Road Metro Station. Rest of the property development and exploiting the commercial potential is left to the choice of the developer.Bangalore metro has said the selected bidder would have to form a special purpose vehicle to execute and manage the project. While the project would be awarded to the bidder who quotes the highest concession amount (rent), the selected bidder has to pay a non-refundable development premium of Rs. 40 crore to the corporation in three instalments.The selected bidder should also pay BMRCL Rs. 65 lakh non-refundable project development expenses.BMRCL has pegged the project cost to be around Rs. 50 crore.

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