Bengaluru: With the State government recently giving in-principle approval to innovative financing measures to fund future Metro projects, attractive revenue streams have now opened up for Bangalore Metro Rail Corporation Ltd. (BMRCL).
The proposed Outer Ring Road link between K R Puram and Silk Board is set to be entirely financed through these measures. Phase-III of Namma Metro, for which the final alignment is still being finalised, is also looking at gaining a substantial part of its funding through innovative financing.
Speaking to Media, BMRCL Managing Director Pradeep Singh Kharola said, “This financing proposes suffixing a second name to the name of upcoming Metro stations for a short-term period, like say for a year. This is expected to fetch good money to fund our future projects.”
The finer details are being worked out. “We are looking at offering the naming rights to established institutions or distinguished local personalities,” he said.
The name change will be okayed wherever it is feasible and provided there are no objections to it, Kharola stressed.
Another big commercial move to be implemented is that of permitting big concerns to construct aerial walkways from their office premises to Metro stations. “We are looking at something on the lines of what has been done at Mantri Mall Sampige Road where the station provides direct connectivity to the Mall,” Kharola said.
FAR enhancement up to 1 km
The green signal for premium FAR (Floor Area Ratio) on both sides of all Metro tracks up to 1 km is also expected to boost Metro revenue significantly, Kharola said.
FAR refers to the ratio between the built-up area in a building in relation with the actual space available. The increased footfalls and development in an area where Metro has its presence is bound to increase the value of the property, said an official from the Confederation of Real Estate Developers Association of India.
“This move gives builders a chance to develop their property vertically by paying an additional sum to Metro for the floor area on which it extends its building,” he said.