The Bangalore Development Authority will execute this much-delayed project at a cost of Rs. 119 crore.
The iconic Puttanna Kanagal theatre in Jayanagar 4th Block will soon be demolished to make way for a swanky, state of the art multi-screen theatre along with a commercial complex.
On Friday, Mayor D. Venkatesh Murthy inspected the theatre and Jayanagar Shopping Complex, along with local MLA B.N. Vijayakumar and Ruling Party Leader N. Nagaraju. He told presspersons later that a five-storey complex would be constructed in its place. The work, which has been entrusted to Nagarajuna Constructions, will tentatively begin on July 23 and be completed in 20 months.
As per the design, the complex will have two levels of basement parking, two theatres, an auditorium and a commercial complex. The complex is being constructed by the BDA on Build-Own-Operate-Transfer basis. The building will be handed back to the Bruhat Bangalore Mahanagara Palike after 15 years.
Mr. Murthy said stress would be given to projects taken up under public-private partnership. Private bodies are welcome to invest in the construction of skywalks and multi-level parking complexes, development of lakes and upgrading hospitals and other infrastructure projects. The BBMP will lease land to these private bodies for a minimum of 10 years, after which the property will be managed by the civic authority.