BBMP has to pay a Rs 60 crore as interest against loan!
Bruhat Bangalore Mahanagara Palike (BBMP) which was under a heavy debt had to recently mortgage its Krishna Rajendra Market (KR Market).
The civic body has to part with Rs 60 crore as interest annually for the loan of Rs 500 crore which it got after mortgaging KR market.
One of the party leaders has ascertained that he has the legal documents of obtaining the loan after mortgaging.
The party also allege that if this continues, then BBMP will sell the whole of Bangalore very soon.
Source: IBN Live
Tags:
Bangalore, BBMP, BBMP Bangalore, BBMP loan, Bruhat Bangalore Mahanagara Palike, Interest on loan, KR Market, Krishna Rajendra Market, Loan by BBMP
Good article. Where exactly so much money is being used by BBMP. We pay taxes on time, government sanction funds and on behalf of all these this news comes as quite surprising with BBMP having “Rs 60 crore as interest against loan”