BDA considers taking a loan to purchase land for Peripheral Ring Road

23 Aug 2024 CW Team

The Bangalore Development Authority (BDA) is currently in the process of securing loans from government lending institutions to cover the substantial land acquisition costs for the Rs 270 billion Bengaluru Business Corridor (Peripheral Ring Road) project. According to sources, the BDA has shortlisted four institutions for this purpose and has initiated preliminary discussions with them.

It is estimated that Rs 210 billion of the project cost, which was proposed 19 years ago, will be allocated solely for land acquisition. Previous efforts by the BDA, including three rounds of tendering, have not been successful. The project spans 73.01 kilometres, beginning at Tumakuru Road (NH-48) and passing through Doddaballapur Road, Ballari Road, Old Madras Road, Whitefield Road, before concluding at Hosur Road (NH-44).

Sources indicated that the BDA is considering Housing and Urban Development Corporation (HUDCO), REC, LIC Housing Finance, or the Karnataka Government Insurance Department for a loan to cover the project costs. The BDA plans to use these funds to compensate landowners. With the construction phase costing only Rs 60 billion, the BDA anticipates significant interest from bidders when the tender for civil works is issued.

The BDA also intends to apply for a loan to cover the entire project cost. It is expected that the lending agencies would provide 70-80 per cent of the project cost, which would be utilised for land acquisition.

The final decision on this matter will rest with the state government. The BDA is exploring all possible options to ensure the project commences as soon as possible.

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