Bengaluru: Even as the uncertainty over extension of lease of land to conduct races by Bangalore Turf Club (BTC) continued, the State Government on Monday decided to extend the lease of Mysore Race Club (MRC) by 30 years.
Law Minister J.C. Madhuswamy briefing the press after the Cabinet Meeting here yesterday, said that the MRC lease has been extended from Aug.1, 2016 till July 31, 2046 and the lease fee will be levied at the rate of 2 percent of the Gross Annual Income.
Pointing out that the Government preferred lease fee over annual rent for MRC as it considered lease fee more profitable, he reiterated that the MRC will now has to pay lease fee at the rate of 2 percent of its Gross Annual Income to the Government.
He further said that the income to the Government from the MRC has been increasing steadily over the years after the lease.
This post was published on December 31, 2019 6:38 pm