MANGALORE: The ambitious Rs 300 crore multi-level car parking (MLCP) project of the Mangalore Urban Development Authority (Muda) is likely to take off soon. Muda chairman Ramesh S said that the detailed project report (DPR) is under preparation and the project will take off as soon as the widening of the KSR Rao Road, which leads to the project area, to 80 ft is taken up.

The 1.55 acre land has been given on a 35-year lease to Muda by the city corporation. The stumbling block has been the additional 55 cents which is in private hands. "We have had talks with the five private parties who hold the private land so that Muda will have 2.10 acres of land for development. The terms of agreement will be decided soon,'' he added.

Sources in Muda and the city corporation office informed that the proposal was stuck as land owners were not agreeing to the 60:40 factorization based on the land given up, with 60% going to the investor. They were keen on 50:50 factorization.

It is yet unclear whether the project will be developed on a public private partnership (PPP) or joint development mode. "If the tenders for the project do not get adequate response we will decide on the joint development mode,'' Ramesh observed.

The project will have 11 storeys, of which the top five storeys will be for car parking. Ramesh said the car park will not be a ramp system but will be a mechanical lift system which will give space for parking more than 800 cars. The rest of the floors will be used as commercial space, a move intended at garnering revenue for Muda for putting up the project.

He said if all things fall into place, the foundation stone laying ceremony will be held within the next couple of months.