Government to help develop real estate of urban local bodies
Commercial exploitation of the real estate of significant value in the urban local bodies would be done through the Karnataka Water and Sanitation Pooled Fund Trust
Apr 07, 2015
Source : The Hindu


KALABURAGI: The State government has decided to support urban local bodies in the State to unlock the value of significant real estates owned by them and develop models on sound commercial basis to develop the land to improve the infrastructure and quality of public life.


Official sources said that the commercial exploitation of the real estate of significant value in the urban local bodies would be done through the Karnataka Water and Sanitation Pooled Fund Trust and funded by the Karnataka Urban Infrastructure Development Finance Corporation.


Sources said that the projects identified, based on their commercial potential, were in the nature of new commercial complexes, relocating existing markets, traffic and parking terminals.


The trust had entered into a Memorandum of Understanding with two financial consultants and transaction advisors M/x Feedback Infrastructures Services Private Ltd. and M/s CRISIL for exploring commercial exploitation of the real estate owned by the select urban local bodies.


The two financial consultants and transaction advisors would be providing end-to-end counselling in conception, structuring, implementation and completion of the projects.


Initially in about 11 selected bodies, the exploration activity was taken up by the consultants and pre-feasibility reports were submitted to the government by these consultants.


Sources said that about five projects in three bodies of Chintamani, Chikkamagaluru and Moodabidri were found prima facie viable to be taken up under the private public partnership mode. The government has taken a decision to take up these five projects.


Originally it was proposed to finance these projects by borrowing from banks and financial institutions, but to reduce the borrowing cost of these projects the government decided to step in with the funding from the Urban Infrastructure Development Fund.

Latest Realty News

Apr 07, 2015
BENGALURU and MUMBAI: Ascendas India Trust (a-iTrust), an Indian property trust managed by Singapore-based Ascendas Property Fund Trustee, is close to buying 15.86 acres of land from Kansai Nerolac Paints in Chennai
Apr 07, 2015
New Delhi: Realtors' apex body CREDAI today demanded that the RBI should impress upon the banks to pass on the benefits of previous two rate cuts of 0.50 per cent to the home loan borrowers
Apr 07, 2015
MUMBAI: Residential property prices in Mumbai increased by only 7% last year and a negligible 0.3% in 2013
Apr 07, 2015
MUMBAI: The state government does not want to let go of private forest land that has not yet been developed
Apr 07, 2015
MUMBAI: A CBRE India Office Market View for Q1 2015 said Mumbai witnessed an increase of 44% in transaction levels in the first quarter of the year.
Apr 07, 2015
BHUBANESWAR: Keeping in mind the housing need of the upcoming Infocity-II on the city outskirts, Bhubaneswar Development Authority (BDA) is planning an integrated township project
Apr 06, 2015
THIRUVANANTHAPURAM: The city corporation, which collects regularization fee to legalize unauthorized constructions in the city, does not keep a record on such buildings
Apr 06, 2015
Pune: After budget homes, premium homes and luxury housing, real estate majors in Pune are now eyeing integrated township projects
Apr 06, 2015
AHMEDABAD: Amplus Realty Fund has sold its investment in Assetz Lumos, a residential project of Singapore-based Assetz Property Group in Bengaluru
Apr 06, 2015
Ranchi: Union transport minister Nitin Gadkari will reach the state tomorrow to address farmers directly on the benefits of land acquisition ordinance

Latest Realty News Of State

Realty Talk's