Bengaluru Development Authority (BDA) – planning to tie up with realtors to over come the cash crunch in Bengaluru.
There are very few people who wants to own BDA flats and villas in the last years. This has made Bengaluru Development Authority to decide on teaming up with private realtors. This move by BDA will take away the authority’s power to decide on the real estate prices.
BDA – Bengaluru Development Authority :
The Bangalore Development Authority (BDA) came into being with effect from 6th January 1976 under a separate Act of the State Legislature viz. the BDA Act 1976. This Authority combined in itself the Planning functions of the City Planning Authority and the developmental functions of the erstwhile CITB.
Focus of Bengaluru Development Authority :
Development of Bengaluru in a planned manner, creating quality infrastructure, provision of sites and services and catering to the housing needs of the underprivileged are the focus areas of the BDA.
Since inception, the BDA has allotted 76,000 sites to individuals for construction of residential dwellings. In addition, more than 800 civic amenity sites have been given for use by various public utilities, as also organisations, catering to the felt needs of the particular locality.
Functional Divisions of Bengaluru Development Authority :
The Authority has the following main departments
1. Land Acquisition Department
2. Town Planning Department
3. Engineering Department
4. Allotment & General Administration Department
5. Finance Department
6. Law Department
7. Public Relations Department
8. Environment & Horticulture Department
Real Estate – Realtors :
Real estate is “property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
Residential real estate :
Residential real estate may contain either a single family or multifamily structure that is available for occupation or for non-business purposes.
Residences can be classified by and how they are connected to neighbouring residences and land. Different types of housing tenure can be used for the same physical type.
For example, connected residences might be owned by a single entity and leased out, or owned separately with an agreement covering the relationship between units and common areas and concerns.
Public Private Partnership model – Bengaluru Development Authority :
The BDA is cash-crunched. The authority as sought the government’s permission to enter into the public-private partnership (PPP) model with private companies and realtors.
The plan is to make quick business and raise money for various infrastructure projects by constructing and selling villas and flats in namma Bengaluru.
The Bengaluru Development Authority is planning to undertake new housing projects under the Public Private Partnership model. Once the government approves, the project will be undertaken on unused land. The authority is also planning to sell the already constructed flats and villas with a more transparent and faster approach.
Unsold property by Bengaluru Development Authority :
The Bengaluru Development Authority is in possession of 2000 flats and 30 villas. Under the new PPP model, the authority is planning to sell the land to a private company/realtor.
Under the new model, good quality construction and the sale of the same will be the builder’s responsibility. After the sales, the Bengaluru Development Authority will get a share of the apartments and villas.
According to the BDA Commissioner, the Government’s approval has been sought.
Implementation of PPP Model :
The PPP model is followed in the case of the BDA shopping complex in Koramangala. In case of the housing projects, the Bengaluru Development Authority takes around 30 to 35% of the land or cash compensation along with flats and villas.
Under this model, the Bengaluru Development Authority will have a share in the project. This divides BDA’s work.
If this model goes well, the Bengaluru Development Authority plans to implement at the Dasanapura Village where work is on to construct 340 villas,