The Belagavi City Corporation on Wednesday approved a proposal to lease a vacant Corporation-owned plot located at Somwar Peth in Tilakwadi for a period of 12 years at an annual rent of ₹42.32 lakh.
The proposal was discussed during the Corporation meeting, where several corporators raised questions regarding the procedure adopted for the long-term lease and sought clarity on the transparency of the process.
Replying to the concerns, municipal officials informed the House that all mandatory formalities had been completed before placing the proposal for approval. Officials stated that the tender process had been carried out through newspaper advertisements and that the matter was brought before the House in accordance with directions issued by the State Government.
Following the clarification by the administration, the House approved the proposal.
The move is expected to provide the Corporation with a steady annual source of revenue.