Bengaluru: Crores-Worth Jayanagar Shopping Complex Floor Rented For Rs 3.23 Lakh

The sixth floor of the Sri M Visvesvaraya Shopping Complex in Bengaluru's Jayanagar 4th Block has been rented for Rs 3.23 lakh a month. The 4,897.62-square-foot space attracted a successful bid of Rs 66 per square foot.

The Bengaluru South City Corporation (BSCC) is set to rent out the sixth floor of the Sri M Visvesvaraya Shopping Complex in Jayanagar 4th Block for Rs 3.23 lakh a month. The rental amount has raised questions given the prevailing commercial real estate rates in the Jayanagar area. Officials have attributed the limited response to the e-auction to the building's poor maintenance and condition.

Satish S emerged as the successful bidder in the e-auction after quoting Rs 66 per square foot per month. The civic body had fixed the base price at Rs 61 per square foot. Based on the successful bid, the BSCC will earn around Rs 3.23 lakh a month from the 4,897.62-square-foot space.

The commercial complex has six floors, with the current auction covering only the sixth floor. The civic body had earlier rented out some shops on the other floors, while several spaces continue to remain vacant.

BDA Redevelopment Project Remains Incomplete

The Bangalore Development Authority (BDA) demolished the old shopping complex tower around a decade ago as part of a major redevelopment project. The original plan envisaged four towers, but the BDA completed only the first tower before legal disputes affected the project. The agency later dropped plans to construct the remaining three towers.

BSCC Commissioner KN Ramesh defended the decision to rent out the space at the quoted rate. He said the sixth-floor space had remained unused for years and that the civic body wanted to generate at least some revenue from it.

Traders Question Redevelopment Decision

The Jayanagar Traders Association has raised concerns over the civic body's decisions regarding the complex. Association member Jayaram BK said officials proceeded with the redevelopment project despite protests from members of the public and local traders.

He claimed that the civic body would not be able to recover the large amount of money invested in the project. According to him, around 160 traditional traders were evicted at the time in the name of redevelopment.

Upper Floors Remain Largely Vacant

Jayaram BK said the ground floor is currently the only part of the complex that attracts relatively good footfall, while the upper floors remain largely vacant. He also criticised the authorities over the maintenance of the complex and its surrounding areas.

The current auction of the sixth floor comes against this backdrop, with the civic body seeking to generate revenue from a commercial space that had remained unused for several years.