The strategy behind the move is to attract captive ridership from employees and residents live in the apartments being constructed close to ELRTS stations.

"The revenue from the project will be an additional cash flow to the venture and we can ensure that the project will be economically viable in all aspects," a senior official with the UB consortium said.

The property development plan envisages setting up of commercial complexes, housing apartments and other recreational facilities close to the elevated rail transit system stations. "We have identified at least 13 locations in the city suitable for such project," he added.

The property developers in association with the UB consortium would implement and operate the projects for a period of 90 years. Aproposal to this effect has already been forwarded to the State government as part of the consortium's detailed project report on ELRTS.

However, discussions with Brooke International and Richard Ellis are at preliminary stages.

Industry analysts said the main constraint in this case would be the fact that the State government will take back the operation of the ELRTS project after a period of 30 years from the UB consortium. On the other hand, the property developers were asking for a 90-year lease for operating the housing/commercial complexes project.

It is learnt that the UB consortium has also initiated discussions with the Karnataka State Road Transport Corporation (KSRTC) to jointly develop properties adjacent to the main bus depo in Bangalore city.

In addition to this, the consortium has already acquired about 40 acres of land in Benamangala and a part of this will be utilised for joint property developments. "Once we get the approval from the state government, the consortium will be able toreduce the traffic problems in the city," the official said.

The consortium would submit its detailed feasibility study report on ELRTS within a months' time. Reacting to the recent reports on World Bank's reservations on funding the ELRTS project, the UB official said: "The World Bank official does not try to visit us or any other consortium members during his recent visit to Karnataka. We are taking the issue seriously and making presentations before the State cabinet and other World Bank officials," he added.

The UB consortium has partners like UB Transit Systems, ICF Kaiser Engineers Inc, Transportation & Transit Associates Inc, of the US and Nippon Shrayo Ltd of Japan with equity participation of 46 per cent, 32 per cent, 9 per cent and 13 per cent respectively.