Bengaluru's Namma Metro stations to be developed at ₹100 crore by this firm: Report

Embassy Office Park REIT is investing over ₹100 crore in Bengaluru’s metro infrastructure.

Published on: Sep 12, 2024, 20:00:02 IST

By Yamini C S

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The Embassy Office Park REIT is committing over ₹100 crore to enhance Bengaluru's metro infrastructure, according to its CEO Aravind Maiya. Speaking at the Royal Institution of Chartered Surveyors Commercial (RICS) Real Estate conference on September 12, Maiya emphasized the REIT's ongoing efforts to address the city's infrastructure needs, the Moneycontrol reported.

Bengaluru Metropolitan Rail Corporation Limited labourers at work for the second construction phase on Namma Metro Rail network, in Bengaluru. (File photo)

"To solve basic infrastructure challenges in the city, such as traffic, we have already constructed a flyover to decongest the Manyata Tech Park with over ₹180 crore of investment. We have also constructed the footbridge for ₹20-30 crore investment and working on the metro stations today," Maiya said, as quoted in the publication.

In 2020, Embassy Group partnered with Bengaluru Metro Rail Corporation Limited (BMRCL) to finance the Bettahalasur metro station, located between Bagalur Cross and Trumpet Junction, with an estimated cost of ₹140 crore. However, the status of this station, which was intended to enhance access to the Embassy Boulevard complex, remains uncertain, the report noted.

Maiya expressed optimism about future collaborations with the government through public-private partnerships to meet the city’s infrastructure demands. The CEO also noted that the rapid development of REITs is driven by clearer commercial strategies and improved regulatory frameworks. Recent amendments to the special economic zones act, which allow for partial de-notification of areas for non-SEZ use, have increased REIT occupancy potential.

"As Bengaluru continues to develop, we have the opportunity to work together with the government through a public-private partnership model to ensure that the infrastructure is in place," Maiya said.

Mindspace Business Parks REIT CEO Ramesh Nair also acknowledged the evolution of the REIT sector, with Maiya citing the growth from 4,000 unit holders to over 120,000. The enhanced transparency and safety of REIT investments, supported by regulatory changes, continue to attract more stakeholders to the market.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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