Much excitement is in the air with the newly-constructed Central Bus Terminal at Thampanoor here being open to the public. The striking looks of the complex have done a great deal in enhancing the public image of the Kerala State Road Transport Corporation (KSRTC), notorious for age-old buses and unaesthetic bus stations.
The Rs 65-crore terminal was built on KSRTC’s land as part of its policy to find revenue from alternative ways to save the loss-making transport corporation. However, when one goes through the project report, a question arises naturally: How is this commercial complex going to benefit the KSRTC?
The project has been implemented under the build-operate-transfer (BOT) concept by Kerala Transport Development Finance Corporation (KTDFC) for the KSRTC.
“The first phase of notification for rent has been over now and we will receive an amount of Rs 8 crore. The complete ownership of the complex will be handed over to KSRTC once it has paid the total project cost along with the interest to KTDFC. Till then, KTDFC will have the power to operate the project,” said sources at KTDFC.
The major revenue source from the project is by renting out the commercial space. Out of the 3.5 lakh square feet complex, the commercial space will be 1.75 lakh square feet. The monthly rent of the commercial area will range from Rs 30 to Rs 160 per square feet on the basis of demand.
However, sources said that KSRTC can claim only half of the revenue and the rest would lie with KTDFC, who is the BOT operator. That means, it will take a considerable time for the project to bring a good deal of money that could help out KSRTC from the financial crisis it has been suffering from.
The one at Thampanoor is the second such BOT project executed by KTDFC for KSRTC. The first complex was inaugurated in Angamaly in 2011. However, both these high-rise buildings have failed to attract many takers for the shop and office spaces they offer. In fact, only the ground and first floors have been leased out in Angamaly so far. The total cost of this project was Rs 34 crore and it will take many years for the KSRTC to earn a penny from here. Similar projects have been under construction at Kozhikode (cost: Rs 54 crore) and Tiruvalla (Rs 35 crore).
However, KSRTC, in the recent past, has been preferring mini-complexes that can be built spending money from its own pockets alone. It has plans to use its own resources to carry out mini-complex works at Nedumangad, Neyyattinkara and Thodupuzha. Focus also will be on mini multi-terminal complexes that would cost a maximum of Rs 8 crore in the future.
New Indian Express
