Compensation package ready

Compensation package ready
R Jayaprakash | TNN

Bangalore: The Bangalore Metro Rail Corporation Ltd (BMRCL) will clear the final hurdle for the Metro Rail by awarding compensation for property losers. The proposal is before the government and approval is expected in a week. Its compensation is in three
parts. It is on a par with market value; the losers will also get an additional 30% of the market value. Also, there’ll be an additional 12% interest rate per annum on the compensation.
As many as 642 properties will make way for the Metro and the compensation package has been suggested by a committee headed by former bureaucrat P S S Thomas. The slab ranges from Rs 4,000 per sqft to Rs 12,000 per sqft, depending on the area. The Rs 600 crore earmarked for land acquisition is now expected to go up following the report.
As solatium, each land loser will get an additional 30% of the capital value and 12% interest rate payable per annum. These provisions have been made under the Land Acquisition Act for forced land acquisition. The 12% interest rate is paid as the preliminary notification for land acquisition was issued in January 2006 and taking into account the argument that property owners couldn’t transact on their holdings for the last one year because of the notification.
“The lands proposed for acquisition were grouped considering guidance value, plot size, number of frontages, residential/ commercial properties for arriving at the basic structure of the award. This was followed by sales valuation of other such properties and market enquiries,’’ BMRCL officials explained.