Noted Bangalore real estate developer, the Embassy Group, has confirmed an investment towards developing the Kadubeesanahalli metro station. This will be a part of the KR Puram to Central Silk Board metro network spanning 17 kilometres. The agreement has already been signed by the Embassy Group with the BMRCL (Bangalore Metro Rail Corporation) as per reports.
Embassy Group will also be developing a flyover for decongesting traffic that comes in and goes out of the acclaimed Embassy Manyata Business Park in Nagawara. Rs. 250 crore has been committed by the real estate developer for these two vital projects which should also spark more real estate development in surrounding zones along with boosting overall housing demand.
The BMRCL is attempting to raise funding through the public-private funding system which is unique and this is one of the major deals to go through in this regard. Intel, the global tech giant, has already inked a deal for pumping in Rs. 100 crore for developing the metro station at Bellandur in February 2018. The State and Central Government offer 10% each of costs for metro projects and the remainder will be raised by BMRCL via such unique financing initiatives and borrowing. This metro network and the 72 kilometer Namma Metro Phase II have been delayed till now due to slow responses from private entities in Bangalore.
The flyover, as mentioned, will be built by the Embassy Group between the Nagawara Lake and Thanisandra Junction and this will directly go into the Embassy Manyata Business Park. This project is expected to cost around Rs. 150 crore. The Embassy Tech Village metro station will be located near the entrance of the business park which already has more than 1 lakh occupiers in the corporate category along with 43 companies overall.
