Bengaluru: According to sources, the Bangalore Development Authority (BDA) has planned to auction 3,370 corner sites in Nadaprabhu Kempegowda Layout (NPKL) in order to raise funds for the under-construction layout’s development.
By auctioning the 3,370 sites, the authority hopes to raise at least Rs 1,500 crore. While the additional funds may help speed up the formation process, the allottees insist that the BDA set up an escrow account and use the funds raised from the corner site auctions solely for the development of this layout.
NPKL sites were first assigned in 2016 and then again in 2018.
The BDA has been able to complete approximately half of the work related to water supply, underground drainage, and electrical lines. The authority is well behind schedule in providing basic services, despite promising to complete by December of this year.
According to sources, S. R. Vishwanath, Chairman of BDA has said that the authority would ask the Karnataka Real Estate Regulatory Authority (K-RERA) for a three to six-month extension.
