KSRTC looks to lease out the under performing Basaveshwara bus terminus in Peenya, presenting opportunities for private development and revenue generation amidst financial challenges
The Basaveshwara bus terminus in Peenya has proven to be a financial burden for the cash-strapped Karnataka State Road Transport Corporation (KSRTC). Consequently, the decision has been made to generate revenue by transforming the dormant bus stand by leasing it out to private players. According to sources, KSRTC intends to lease the property to private entities for conversion into a Kalyan Mantap, mall, hospital, or any other commercial venture. An official stated, “The property spans 87,000 square feet and encompasses four floors, making it suitable for diverse development opportunities. We anticipate a monthly rent ofINR 27.90 lakh for interested parties.” It’s worth noting that the bus stand premises were temporarily utilised for a Covid hospital during the pandemic.
The Basaveshwara bus stand in Peenya, originally constructed to ease congestion at Majestic, failed to serve its intended purpose, resulting in a substantial financial strain on the cash-strapped Karnataka State Road Transport Corporation. Despite ongoing expenses, estimated betweenINR 7 lakh andINR 8 lakh monthly, to maintain the facility, the bus stand remains underutilised. KSRTC incurs costs for power, water, security personnel, and D group employees, with only a fraction of long-distance buses currently utilising the space as a resting area.
Efforts to attract commuters to the bus stand have not yielded the desired results, leading to financial losses for KSRTC. Seeking alternative revenue sources, the corporation is exploring options to lease the building as office space and the adjacent vacant area for commercial purposes.
Tumkur Road is crucial for KSRTC, connecting 20 districts in Karnataka, and while initial plans to redirect Nelamangala-bound traffic away from Peenya were made in 2014, services were discontinued due to connectivity issues. Despite a resumption of services in 2018, passenger traffic has not increased, and the bus stand continues to operate at a loss, serving approximately 600 buses daily. To address financial challenges, KSRTC is considering leasing parts of the bus stand, which includes 40 shops, and developing the adjoining vacant land for various purposes.
However, previous proposals have not yielded positive outcomes.
Upon careful examination of the Peenya bus stand situation, it becomes evident that the initial concept was flawed. The location’s distance from the main road and limited BMTC bus frequency create inconvenience for passengers, leading many to opt for Jalahalli Cross instead. Learning from the Kerala model, KSRTC could consider implementing direct bus routes from the Basaveshwara bus stand to destinations like Mysore, Tirupati, Chennai, Hyderabad, and others via Majestic, enhancing accessibility for residents in and around Peenya.
