Market rates for land acquired for Metro Rail

Market rates for land acquired for Metro Rail

Staff Reporter

Property owners could get up to Rs. 12,000 a sq. ft



PROJECT UPDATE: Chief Minister H.D. Kumaraswamy (left) and BMRC Managing Director V. Madhu at a meeting on the Metro Rail project in Bangalore on Tuesday. — Photo: Sampath Kumar G.P.

BANGALORE: Bangalore Metro Rail Corporation Ltd. (BMRC) will pay market rates ranging from Rs. 1,260 to Rs. 12,000 a sq. ft for properties to be acquired in certain localities.

The rates are based on the report of the P.S.S. Thomas Committee, which studied the market rates to be offered in these areas. The committee was constituted after landowners complained that the guidance value (the minimum rates recommended by the Government) was far lower that the actual market value in many of the areas.

Chief Minister H.D. Kumaraswamy released the list of rates on Tuesday in the presence of BMRC Managing Director V. Madhu. These rates are applicable only to some of the properties being acquired. A parallel process of land acquisition is on for the Metro where compensation can be availed of in two ways: one, using the award/compensation made unilaterally by the land acquisition officer acting under the Karnataka Industrial Areas Development Board Act, 1966. The owner may, alternatively, go for the second option known as consent award. This is the amount he negotiates with the land acquisition officer. Once the amount is agreed upon, he cannot move the courts for enhancement of the amount.

According to the new list, the highest rates are for properties on Mahatma Gandhi Road: Rs. 8,378 to Rs. 12,000 a sq. ft as against the guidance value of Rs. 8,000. The lowest rates are for Deepanjalinagar on Mysore Road: Rs. 1,260 to Rs. 2,369 (guidance value Rs. 2,400).

The second highest rates are for Indiranagar 100 Ft Road: Rs. 4,851 to Rs. 9,590 (Rs. 7,000); followed by Chickpet: Rs. 6,692 to Rs. 7,222 (Rs. 4,800); Mahakavi Kuvempu Road: Rs. 3,342 to Rs. 4,496 (Rs. 4,000); South End Circle: Rs. 3,858 to Rs. 4,713 (Rs. 5,000); and K.R. Road to V.V. Road curve: Rs. 3,550 to Rs. 4,469.

The rates for other areas are: Old Madras Road: Rs. 1,884 to Rs. 3,706 (Rs. 2,000); S.V. Road: Rs. 2,160 to Rs. 2,824 (Rs. 3,500); City Railway Station: Rs. 1,365 to Rs. 1,442 (Rs. 800); Magadi Road: Rs. 2,892 to Rs. 2,997 (Rs. 2,300); Chord Road: Rs. 2,542 to Rs. 3,713 (Rs. 3,000); Vijayanagar: Rs. 3,498 to Rs. 3,498 (Rs. 3,500); Mysore Road: Rs. 1,950 to Rs. 3,575 (Rs. 3,000); Mahalakshmi Layout: Rs. 3,342 to Rs. 4,851 (Rs. 3,000); after Mahakavi Kuvempu Road towards Majestic: Rs. 3,408 to Rs. 4,415; Kuvempu Road Railway Line curve (before Swastik Station): Rs. 1,915 to 3,346; Malleswaram Station: Rs. 2,598 to Rs. 4,423 (Rs. 4,000); City Market Station: Rs. 3,696 to Rs. 3,963 (Rs. 3,800); and R.V. Road: Rs. 3,696 to Rs. 3,963 (Rs. 5,000).