Land prices to rise as BDA plans expansion

Land prices to rise as BDA plans expansion
New Indian Express

BANGALORE: The price of land is soaring in the IT City. There is much more scope for growth, but where is the space? This is what most of the people wonder about and commonly question.

The rates of land are increasing simultaneously with the increase in the number of investors.

Despite the space congestion. Bangalore Development Authority (BDA) is planning to expand the City and increase the potential of commercial and residential land.

BDA commissioner M K Shankarlinge Gowda told this paper that the land prices had increased to a large extent as compared to previous years. “Purchasing land for investment purpose is a regular activity today. People are keen to invest and purchase land in Bangalore”.

“The plan of the new layouts will be announced in November after the State Government approves the CDP plan. It’s similar to the provisional master plan. The objections which were raised by the people earlier have been kept in mind. Legal and valid prospect have been incorporated,” added Gowda.

The fact remains that the land resources here are depleting at a rapid pace. With a large number of people focusing on Bangalore, the BDA is thus focussing and trying to develop the areas in the city’s vicinity.

“The Peripheral Ring Road (PRR) is marked as the upper limit for growth of and we are aware. We are trying to develop and promote areas like Ramanagaram, Bangalore Metropolitan Regional Development Authority (BMRDA), Devanahlli and Hoskotte,” he said.

“BDA is the future driver of growth in the City. We expect essential help from the State Government for the same. The government should take the drive of going beyond the perspective of 2010. It is important to make greater Bangalore,” added Gowda.

Principal secretary of the Revenue Department S M Jamdar said that the rates of land were decided as per the minimum guidance value. It took into account all the developmental factors depending on the areas.

“The minimum rate is Rs 500 per square foot and the maximum depends upon the buyer. The BDA usually maintains the same amount fixed by the Sub-registrar or sometimes increase from the limit keeping in mind the developmental charges”.

“The BDA can also quote a price lower than the fixed amount depending on the area and the needs of the people,” he said.