Shimla: Chief Minister Virbhadra Singh today inaugurated first phase of multi-storey parking near lift constructed under Public Private Partnership (PPP) mode. It would have capacity of parking as many as 700 cars initially.
The Rs. 60 crore project will help to reduce idle parking and further facilitate the visitors.
The parking has been given on lease to Shimla Tolls and Projects Private Limited for concession period of 30 years. The concession fee would be rupees one crore per annum with an increase of 10 percent every two years, to be paid to Municipal Corporation Shimla.
The construction work of other two phases of the parking was underway, which will probably accommodate more than 1700 cars, said PK Sood MD of Shimla Tolls and Projects Private Limited.
Chief Minister also inspected the site of under construction Circuit House near All India Radio and gave necessary directions.