The Bruhat Bangalore Mahanagara Palike has offerred the KR Market as collateral to the Rs 500-crore loan it has borrowed from Housing and Urban Development Corporation (HUDCO).
Commissioner M K Shankaralinge Gowda clarified that the property had not been mortgaged, but offered as a collateral to the Corporation.
He also disclosed the Palike’s plans to offer several other properties as collaterals.
There was a joke going around that our ex-CM would sell everything including Vidhana Soudha for personal gains..but BBMP seems to be upto living that up in true sense!
Coming to the commissioners words that it was not mortgaged but offered as collateral..the common word between the two is pledge..and both mean that in a cicumstance that BBMP defaults, the property pledged can be actioned by HUDCO!
And coming to his point of offering several other properties as collaterals..we can surely see parks and other public places getting auctioned soon!
I was reading the other day that bridges and other govt properties were up for sale in Italy..we are not far from that ourselves here!
How do you think BBMP can get out of this financial mess?