To tide over the parking woes in the city, the City Corporation has come out with a plan to establish three multi-level parking lots in the city for which tenders have already been floated.
Town Hall, DB Road in RS Puram and Cross cut Road are the areas marked for multi-level parking which would be under a Public Private Partnership (PPP) venture. Constructed along with commercial complexes the projects would be established on Build Operate Transfer mode (BOT), said a senior corporation official.
The private agencies which are deployed in constructing the multi-level parking lots would have a lease period of 30 years during which the revenue collected would be shared with the City Corporation, as per the revenue sharing arrangement. A estimated cost of Rs.20 crores for Town Hall, Rs.70 crores at DB road and Rs.33 crores at Cross cut road has been ascertained for constructing multilevel parking.
"The tenders will be finalized by the end of September and construction of the parking lots would commence from October first week", said a Senior Corporation Official.