Metro Rail compensation package ready

Metro Rail compensation package ready
By S Praveen Dhaneshkar, DH News Service, Bangalore:
Property owners who have to surrender their land to the Bangalore Metro Rail Corporation (BMRC) have a reason to cheer about. The much awaited land compensation package is ready.

BMRC has completed the tedious task of valuation of properties in reach one of the ‘Namma Metro’ project and is all set to commence award of compensation to land losers during the first week of November, V Nagendra, Executive Director (Administration) BMRC told Deccan Herald.

“Valuation of lands and property surveys by BMRC has been completed. We would be sending a final note to the Karnataka Industrial Areas Development Board (KIADB) within a week, after which the KIADB will issue letters to property/land owners under Section 29 (2) of the KIADB Act,”said Mr Nagendra.

Accept or reject
KIADB will then ask owners for their consent over the award, giving them a time period of 15 days to accept or reject the award. Then BMRC would hand over cheques to individual owners. Land owners on MG Road stand to get the maximum price fixed at Rs 12,000 per sq ft on Reach One. This task is expected to be completed by November 30, add BMRC officials.

KIADB had in its final notification gazette issued on June 24 and 27 published the names of the land owners who would have to part with their land for the project. Those land owners who may not be satisfied with the award or do not give their consent could take a legal recourse, say officials.

Fair market value
A total of 127 property owners would be awarded compensation based on fair market value as calculated from the recommendations of the Land Committee headed by former bureaucrat PSS Thomas announced in May 2007 and the PWD task force constituted to ascertain the property value on Reach One (Anil Kumble Circle to Byappanahalli on Old Madras Road).

Meanwhile, BMRC officials said the KIADB would also issue the final notification for property acquisition for the East West Corridor and North South Corridors upto Mysore Road and Yeshwantpur respectively.

“Final notification for Reach One was issued by KIADB. The remaining four (Reach 2 to 5) including the underground alignment is expected to be issued,” Mr Nagandra said.

HIGHLIGHTS
*BMRC to award compensation through consent route as per replacement value (Value of land without depreciation plus thirty per cent solatium and twelve percent interest per annum from the date of preliminary notification issued by KIADB)

*Land owners could also opt for regular route by KIADB (Value of land/property minus depreciation or reject it)