Bengaluru, Jan. 14:
Shop Owners of City Corporation Commercial Complexes to Submit Documents for Renewal: K.N. Ramesh
In accordance with Government Notification No. NAE 280 BBS 2023 (E) – Asset Management Rules, 2024, which came into force as officially published in the Karnataka Gazette dated 01-01-2025, new regulations have been implemented.
The renewal period of leases for shops owned by the Corporation—located at the Jayanagar Commercial Complex in Jayanagar 4th Block, Sir M. Vishweshwarayya Commercial Complex (a total of 251 shops), and the Market Building at Jayanagar 4th ‘T’ Block (39 shops)—has expired. As per Government Notification No. NAE 280 BBS 2023 (E) dated 01-01-2025, provision has been made under Rule 8 for renewal of the leases for an additional term. Accordingly, shop owners were instructed to submit applications for renewal. In this regard, individual notices have already been issued to all concerned shop owners, and several shop owners have submitted their applications along with the required documents to the office.
However, shop owners who are yet to submit their applications are hereby instructed to avail themselves of the provisions under the Asset Management Rules, 2024, which permit renewal of leases after the expiry of the lease period. They are directed to submit their applications along with all relevant documents, as specified in the notice, to the office of the Assistant Revenue Officer (South–Market), Jayanagar Commercial Complex.