BMC plans viability funding for underground parking projects

According to the proposal,these multi-level parking lots will house commercial establishments for the contractors to recover huge investment. However,civic officials said commercial exploitation will not help get much revenue. Moreover,the cost of the project will also be huge and the contractor may not be able to recover the entire amount.

Additional Municipal Commissioner (projects) Anil Diggikar said the cost of underground parking lot for four-wheeler vehicles roughly will be around Rs 10 lakh. As per the plan,only 2,000 and 1,500 vehicles can be parked at Regal and Crawford Market respectively,though the demand is that at least 3500 and 3000 vehicles should be able to accommodate at these places.

“We will be providing VGF for both the projects,” Diggikar said. “Since commercial activities in the underground parking plots will not be feasible,the contractor will not be able to recover the capital amount that was invested in the project. So,the gap between investment and amount recovered will be filled by the civic body through VGF,” he explained.

The administrative process for the appointment of the contractor will be finalised in the next two months and construction will begin soon. After completion of the parking lots in two years,a one-kilometre area radius around these parking lots will be declared ‘no-parking’ zones. The contractor will be responsible for the maintenance of the plots for next 25 years.

The civic administration has appointed Government of India’s Urban Mass Transit Company (UMTC) as consultant for the parking lot projects. It has also decided to integrate its plans for underground and multi-level parking lots with the Metro Rail project by constructing plots in the vicinity of stations along the proposed Metro Rail routes.