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KR Market collateral or mortgage?!

2 February 2012 - 1:40pm — srinidhi
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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.

More here

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?

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srinidhi's picture

transparency through web

srinidhi - 3 Feb 2012 - 2:20pm
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191 users have liked.

The time is ripe to strictly implement web usage for all the palike projects to bring in the much needed transparency.

This will greatly avoid pilferage that is currently happening and stop instances of projects which are  being paid off just on paper..

https://www.vigeyegpms.in/BBMP/?module=public&action=home

Also implement all the items discussed in the discussions here

btw they can as well host this under kar.nic.in

silkboard's picture

yes, absolutely. way to force it?

silkboard - 8 Feb 2012 - 10:00am
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180 users have liked.

Only way to sort all this is transparency. Corruption, more involvement from citizens and residents, improved quality of the eventual work - all of this can happen one shot, through transaparency. But how? While BBMP may take its sweet time to be more transparent, can we do something at all?

  • May be build a simple app to enable citizens to report progress on a project near them. Take a snap, upload it with a tag for the project
  • Few of us run the server side, just setup a project and related "tags"
  • Some others can attach more info through news/RTI etc to the project

40-50 people together, through this crowdsourcing, I think we can push BBMP to be more transparent. Once we get 10-20 project updates live through this system, we can invite BBMP to join in and create space for "official updates" :)

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