Monday, February 19, 2018

#Bengaluru gets Rs 2,500 crore budgetary fund for infra development

Karnataka Chief Minister Siddaramaiah has announced Rs 2,500 crore budgetary fund for 2018-19 for Bengaluru's infrastructure development, including work on distressed lakes and roads.

A special package was announced in 2016-17 for the developmental works in Bengaluru at a cost of Rs 7,300 crore for a period of two years.

The Rs 2,500 crore budget will be spent on the development of 40 of the 88 lakes proposed to be developed by the Lake Development Authority.

Phase II of the Bengaluru Metro covering 72 km will be completed by March 2021 and the work on preparing a project report for the 105 km metro line under Phase III will be taken up, Siddaramaiah said in his budget speech.

Budget Reactions​ real estate industry head honchos:-

Adarsh Narahari, Secretary, CREDAI Bengaluru said, 'I am happy to see Bengaluru get a large allocation of funds for city development which was much needed. It is also heartening to see a proposal to provide permanent housing in slums through a PPP model. The development of 5 commercial hubs along major arterial roads and funds for KIABD to create an industrial corridor are other positives. Overall the budget does a good balancing act in catering to various sections and their needs.'

Farook Mahmood, World President FIABCI and Chairman & Managing Director Silverline Realty said,' State Government has presented a detailed budget with benefits to most sectors. The budget presented today was a completely group oriented budget. The decision to waive off penalties on property taxes for industries in industrial areas and townships if the principal amount is paid in a single installment is a positive step. Additionally, the proposal for permanent housing in slums through the PPP model will also be a big plus. I would say it’s a step in the right direction.'

Vishal Mirchandani, CEO Retail & Commercial, Brigade Enterprises said,'It is a positive budget on the whole. Some of the benefits of the budget will be the development of commercial sites along major networks of roads in Bengaluru. The government’s allocation of Rs 2500 crore for the development of Bengaluru is a positive move. Enhancement of urban infrastructure is another positive of the budget.'