Bengaluru Metro Rail Corporation (BMRCL) inked an agreement for a JV with
Mantri Developers to develop a commercial hub-cum-metro station at Malleshwaram,
north Bangalore.
According to sources, BMRCL and Mantri have entered into a revenue-sharing
agreement for the proposed station. BMRCL will get one per cent of the revenue
earned annually for 30 years, and the percentage will go up to five after that
from the proposed commercial hub-cum-Metro station.
The land will be owned by BMRCL but Mantri is expected to spend Rs 35 crore
to develop the station, which is slated to be completed by 2013. It will then
construct a commercial tower over the station. BMRCL will lease the space above
the station for 99 years and after the 5-acre property is developed, it will be
transferred to BMRCL.