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The Bruhat Bengaluru Mahanagara Palike (BBMP) plans to pledge its properties to raise Rs. 19,000 crore for the Bengaluru Twin Tunnel Project, an initiative aimed at alleviating the city’s traffic congestion. This comes at a time when Chief Minister Siddaramaiah, in a letter dated December 9, reiterated Karnataka’s commitment to building 100 houses for Wayanad landslide victims, drawing fire from the BJP.
The BBMP has issued an Expression of Interest (EOI) to banks and financial institutions for funding, with the loan to be backed by a state government guarantee. BBMP’s proposal includes raising funds through loans secured by a first mortgage on its properties, backed by an unconditional guarantee from the Karnataka government.
BBMP Commissioner Tushar Girinath confirmed that the Karnataka government has provided clarity on financial assurances which was missing in previous plans.
The project involves constructing 3-lane twin underground tunnels connecting Hebbal’s Esteem Mall Junction to Silk Board’s KSRP Junction along the North-South corridor.
“There is a concept of East-West and North-South corridors, and we’ve prepared a DPR for the North-South project. With the government guarantee of Rs 19,000 crore, we can execute both corridors efficiently. The meeting with bankers on December 12 will finalize the phased withdrawal of funds,” said Girinath.
The funding model includes toll-based revenue generation under a Build-Operate-Transfer (BOT) framework, and the state plans to start disbursing funds in April 2025, he said. The twin tunnel project is part of a larger Rs. 43,000-crore plan to transform the city’s traffic infrastructure, with similar plans under development for the East-West corridor.
While Bengaluru’s infrastructure development hinges on pledging civic assets, the Karnataka government has also promised to fund housing for Wayanad landslide victims. Critics have questioned the state’s priorities, as it navigates a financial crunch while attempting to balance large-scale urban projects with humanitarian aid.
The BJP slammed the move, accusing Siddaramaiah of diverting Karnataka’s resources to other states. On social media platform X, BJP Karnataka labeled him a “scam CM,” questioning the government’s priorities amid Karnataka’s struggles with unpaid workers, infant and maternal deaths, and crumbling infrastructure.
