Property developer Embassy group has signed a memorandum of understanding (MoU) with Bangalore Metro Rail Corporation Ltd (BMRCL) to build the Kadubeesanahalli metro station.
The Kadubeesanahalli station is located just outside Embassy TechVillage on the 17-km-long recently approved North-South Metro corridor on Outer Ring Road.
The construction is expected to be in accordance with the façade designs and specifications approved by BMRCL. Embassy has agreed to pay an amount of ₹100 crore to BMRCL for the project in instatements.
The period of concession and permission granted to Embassy Group will be for a period of 30 years starting from the date of commencement of commercial operations and could be extended further on mutual terms.
Pradeep Singh Kharola, MD, BMRCL said, “The MoU signed between BMRCL and the Embassy Group is part of the innovative financing push by Namma Metro and we strongly believe that it will encourage corporates to come forward and contribute in developing the urban infrastructure and build a well-equipped modern city. Embassy Group has been very active in developing city infrastructure initiatives and we are glad to associate with them on this project.”
New route The new metro line will run between Central Silk Board in the south and KR Puram in the north. The ₹4,202-crore project is being taken up under Phase 2A of the Namma Metro network and will have 13 stations covering the entire ORR IT Corridor.
The project to be completed in three years will benefit nearly 4.5 lakh people who work on this stretch and the ridership will eventually grow to 6 lakh every day. The average speed of road travel which is currently at 10 kmph is set to improve and once the metro is in place, the average road speed will be at 34 kmph.
Jitu Virwani, Chairman and Managing Director, Embassy Group, said, “We are delighted to partner with BMRCL on the prestigious Namma Metro project and we see this as a positive step by the government to involve the corporates for improving infrastructure and urban transportation projects in the city.”