Funding to the tune of 100 crs towards the project First corporate to sign the agreement under the Public Private Partnership scheme enabling faster completion
Bangalore 23nd June, 2017: Embassy Group today announced the signing of a Memorandum of Understanding (MoU) with the Bangalore Metro Rail Corporation Ltd (BMRCL). The MOU has been signed for the construction of the Kadubeesanahalli Metro Station, just outside Embassy TechVillage, on the 17-km long recently approved North-South metro corridor on Outer Ring Road. The construction will be done in accordance with the façade designs and specifications approved by BMRCL. Embassy has agreed to pay an amount of Rs.100 Crores to BMRCL for the purpose of the above project in installments. The period of concession and permission granted to Embassy Group will be for a period of 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. This move is will help the Park Users greatly, as 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. Embassy Group 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. Embassy will also have the advantage of leveraging the linear zone of 250 m around the Kadubeesanahalli metro station.
The new metro line will run between Central Silk Board in the south and K R Puram in the north. The Rs.4202 Crores project is being taken up under Phase 2A of the Namma Metro network and will have 13 stations covering the entire ORR IT Corridor. The project to be completed in 3 years will benefit nearly 4.5 lakh people who work on this stretch and the ridership will eventually grow to 6 lakh every day. The average speed of road travel which is currently at 10 kmph is set to improve and once the metro is in place the average road speed will be at 34 kmph.
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. Embassy Group is the first corporate to ink such an agreement under the new scheme.
Jitu Virwani, Chairman and Managing Director, Embassy Group said, “We are delighted to partner with BMRCL on the prestigious Namma Metro project and 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.”
Namma Metro, the second largest metro network in India after the Delhi Metro, recently opened the Green Line and is expanding into newer lines. The announcement of the North-South KR Puram to Central Silk Board is in line with making urban transport in Bengaluru world-class, easing the congested roads and traffic, enabling faster and cleaner commuting possible and overall making the mode of travel environment friendly as it significantly contributes to the reduction of carbon emissions.
This initiative is part of the Embassy Group’s commitment to continuously work with the local authorities to solve infrastructure issues, cleaning/maintenance of areas around the business parks, implementation of effective traffic management that involves deploying our guards to support the traffic police in optimal traffic movement, carpooling programs in partnership with the Bangalore traffic police, etc. The Embassy Group and its various entities have repeatedly offered support for various such projects and will continue to work with the city administration on such development efforts.
About Embassy Group:
Embassy Group is one of the leading property developers in India with a track record of over three decades in real estate development. Embassy has an extensive land bank across the country and has developed over 40 million sq ft of prime commercial, residential and retail space in India as well as Malaysia and Serbia. Embassy’s portfolio of real estate developments spans the commercial, residential, industrial & warehousing, retail and hospitality segments of the real estate industry. The commercial real estate business includes the development of business parks, and ten SEZ across South India including India’s first and only IGBC Platinum Certified Business Park Campus. Embassy’s ongoing residential projects include luxury apartments, villas and integrated townships. Embassy’s residential projects are also designed to obtain IGBC Green Homes gold ratings as part of the efforts towards creating sustainable developments. More information atwww.embassyindia.com
Assistant General Manager