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BBMP properties in Bangalore leased out at fifty paise!

1 Comment Sub Category:Bangalore,Realty News Posted On: Jul 02, 2012

The Bruhat Bengaluru Mahanagara Palike, in April 2011, had considered to lease out its assets only through public auctioning in order to enhance the finance resources. But no action has been taken till now to enhance the lease amount or to call for public auction while leasing the BBMP’s properties.

Also the BBMP’s recent budget plan has nothing mentioned in it regarding the changes to be made in maintaining the leased out assets.

The rent of 2 BHK in Bangalore city starts at around Rs 10,000 whereas the BBMP has leased out its properties for something as low as Rs 6!

Sources say that, the Palike has leased out 2.65 acres of land in Frazer Town for lease amount of mere 50 paise per annum. A private institute on Assaye road has been paying 50 paise for its leased land taken from BBMP since 1948. The lease period of these properties has been expired but BBMP is yet to wake up to either escalate the lease amount or cancel the lease.

There are several such properties for which fifty paise and single digit amount have been paid from decades.

To read more real estate news:

BBMP improves a range of services for online tax payment

No more free parking in Bangalore

Source: The Times of India

One Response to “BBMP properties in Bangalore leased out at fifty paise!”

  1. sudhakar says:

    oops this is our common man possession coz bbmp is sleeping now and its adjusting under the table amount that private institute, very bad,………….

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