The Bruhat Bengaluru Mahanagara Palike (BBMP) is gearing up to raise Rs 19,000 crore through loans from banks and financial institutions to finance its ambitious North-South twin tunnel road project in the city.

BBMP has called for Expressions of Interest (EOI) from various financial bodies, including commercial banks and development institutions, to fund the project. The plan involves building a three-lane, underground vehicular corridor spanning approximately 18 kilometers to improve traffic flow and reduce congestion in Bengaluru. The project will be executed through a Build-Operate-Transfer (BOT-Toll) model.

The proposed tunnel road will link several key points, including Hebbal Esteem Mall Junction, Mekhri Circle, and Silk Board KSRP Junction. The civic body has specified that interested institutions must be registered with the Reserve Bank of India (RBI) or relevant authorities and have at least five years of lending experience.

The loan, including interest, will be secured by a mortgage on BBMP properties, as agreed by the parties involved. The disbursement of the loan is expected to begin in April 2025, with the full amount expected to be available by December 2027.

Earlier reports indicated that BBMP had appointed New Delhi-based Rodic Consultants Private Limited to prepare the Detailed Project Report (DPR) for the project at a cost of Rs 9.4 crore, while Altinok Consulting was engaged to carry out a feasibility study for Rs 4.7 crore.