Municipal corporations across major cities of India have always struggled with their finances. And here Bengaluru’s civic body which is mortgaging its iconic buildings and places to get loans worth over Rs 1600 crore.
According to a report by IBN Live, the Bruhat Bengaluru Mahanagara Palike (BBMP) has mortgaged many key buildings of the city over the past five years. The list also includes even one of the BBMP’s own office.
Here is a look at the numbers:
The buildings are mortgaged for a massive Rs 1,645 crore loan. However, critics have said that the civic body could resort to just collecting property tax efficiently which could significantly improve their finances.
Here’s a look at the iconic places which have been mortgaged:
Krishna Rajendra Market
Kempegowda museum, Mayo Hall
Public Utility Building, MG Road
Bangalore Town Hall