By Ayushi Gupta
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Updated On: 25-Jan-2024 08:33 AM
KSRTC's attempts to attract commuters to the bus stand have yet to be successful, leading to financial losses. As a result, the corporation is considering leasing the building as office space and the adjacent vacant area for commercial purposes.
The Basaveshwara bus terminus in Peenya, a property of KSRTC- the Karnataka State Road Transport Corporation, has been underperforming and causing financial strain on the corporation. In a strategic move to generate revenue, KSRTC plans to lease this dormant property to private entities for transformation into a Kalyan Mantap, mall, hospital, or other commercial establishments.
The expansive property, spanning 87,000 square feet across four floors, offers a multitude of development opportunities. KSRTC expects a monthly rent of INR 27.90 lakh from potential tenants. Interestingly, the bus stand premises had been temporarily repurposed as a Covid hospital during the pandemic.
Originally built to alleviate congestion at Majestic, the Basaveshwara bus stand in Peenya failed to meet its objective, thereby causing significant financial pressure on KSRTC. Despite incurring monthly maintenance costs between INR 7 lakh and INR 8 lakh, the bus stand remains largely unused. The corporation bears expenses for electricity, water, security personnel, and D group employees, while only a small number of long-distance buses use the space as a resting area.
KSRTC's attempts to attract commuters to the bus stand have yet to be successful, leading to financial losses. As a result, the corporation is considering leasing the building as office space and the adjacent vacant area for commercial purposes.
Tumkur Road, which connects 20 districts in Karnataka, is vital for KSRTC. Initial plans in 2014 to divert Nelamangala-bound traffic away from Peenya were discontinued due to connectivity issues. Even after resuming services in 2018, passenger traffic did not increase, and the bus stand continues to operate at a loss, serving approximately 600 buses daily. To mitigate financial challenges, KSRTC is contemplating leasing parts of the bus stand, which includes 40 shops, and developing the adjoining vacant land for various purposes. However, previous attempts have yet to be successful.