As per the sources available with www.propertykhazana.com, in Bangalore City the milestone MG Road Avenue has come into view that it will come back to its life by the end of March 2012. Work is moving ahead at a fast speed on reconstructing 700 mtrs widen of the street which was destroyed for manifestation of Bangalore’s dream venture Namma Metro. Meantime, BMRC declared that the Street will be reopened by March end, blizzard water drains have been dug up below ground level and concrete has been put for the base and columns has been raised. The boulevard will be wrinkled with flowering plants and has 2 rows to walk with a museum, art gallery, and amphitheatre and also children’s play locality is situated on the ground floor and in 1st floor has the connection to the MG road Metro Station and both floors will be set up with internationally designed toilets. The locality of mannequin stores for parking will have the slopes leading to the street. Even if the BMRC officers are unable to complete the work they are sure of meeting the time limit. There is no word yet on move the mannequin stores and BMRC is thinking to move it to Byappanahalli Depot and run a cafeteria.
BMRC has been sanctioned with loan amount of Rs. 700 Crores. Maybe HUDO has become the 1st Indian Financial Institution to take part in Metro Rail venture in India. Cooperation has approved Rs. 700 Crores loan to the BMRC for Phase I venture at a unique rate of interest and also the contract has been signed. The term is for 15 years with 3 year moratorium and no charges for pre-payment of loan. HUDCO is thinking of return economical rate of 22.30% from this venture and the approval was made last year, but BMRC used funds from the State & Central Govt. before applying for the loan.
Source: NIMMA BENGALURU
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