Families from economically weaker sections (EWS) in Ejipura have a reason to cheer as the Bruhat Bangalore Mahanagara Palike (BBMP) has finally come out with a plan to construct new quarters for them.
The BBMP and the Maverick Holdings entered into an agreement on Monday to construct residential-cum-commercial complex at the site, which housed residential quarters for the economically weaker sections at Koramangala. The Engineer-in-chief of BBMP B T Ramesh and Uday Garudachar of Maverick Holdings signed the agreement.
Some of the residential quarters came crashing down killing a number of people in 2003 and 2007. Subsequently the buildings were declared unsafe for residential purpose and since then an ordeal began for families living there. The families have been demanding the government and the BBMP to speed up the work.
Speaking to Deccan Herald, Uday Garudachar, managing director of Maverick Holdings said: “The entire project on PPP model will be worth emulating. We will give escalators to each block of the EWS quarters, to be manned by us. We will also provide employment to the EWS,” said Uday Garudachar.
As per the agreement, 50 per cent of the 16 acres of area will have EWS quarters including setbacks, space for road and other utilities. The remaining 50 per cent will be used for commercial purposes.
As per the latest comprehensive development plan (CDP), at least 15 per cent of the area will be kept reserved for civic amenities.
Of the 50 per cent commercial area, half will be fully owned by Maverick Holdings while the rest will be enjoyed by the BBMP. The firm will construct 1,640 quarters within 30 months starting from January 13 this year, while it will construct a commercial complex along with apartments in the commercial area. The cost of the project will be Rs 300 crore. Each of these quarters will measure 350 sqft.
Each of these EWS complexes will be nine-storeyed. Garudachar said the commercial area will have a shopping complex, hotel, financial district and residential apartment.
The commercial area would be leased to the Maverick Holdings as per the management contract for 30 years. In return the BBMP will get Rs 2.3 crore per quarter, said Uday Garudachar.