Final compensation notification issued

Final compensation notification issued
TIMES NEWS NETWORK

Bangalore: Compensation of Rs 30 lakh per acre for areas in Bangalore Rural and Rs 40 lakh per acre for Bangalore Urban has been notified by the state for the Aviation Special Economic Zone (SEZ) at Devanahalli. Another option is getting back 8,500 sqft of developed land for every acre of land given up by the land-owner.
To be located South-East of the international airport, the SEZ will be spread over 918 acres and be a dedicated zone
for aircraft component manufacturing companies. The government on December 14 issued the final notification for awarding compensation to land losers.
The KIADB will acquire 918 acres for the project, for which, the final notification for land acquisition was issued in October. Of the 918-acre aero zone, 500 acres are being allocated to Aero SEZ and the remaining for domestic tariff area.
“We will put up camps and invite land losers to avail of the compensation and a separate notice will be issued to all those who want to take developed lands,’’ KIADB officials said.
Udyog Mitra, the government’s single-window committee to screen and clear industrial projects for this SEZ, has approved projects worth Rs 6,000 crore. The government is aggressively promoting the Aero SEZ to stop investors from going to Malaysia, Indonesia and the Philippines.
The Aero SEZ is expected to bring in investments worth $25 billion. Udyog Mitra officials told The Times of India
the committee has processed applications of eight companies, including a leading US firm which produces aero structures for commercial and military markets. The US aviation major has proposed pumping in $1 billion.
The presence of ISRO, HAL, NAL, ADA, LRDE and other defence laboratories persuades investors to look at Bangalore as the first option. The city is home to over 100 firms directly involved in manufacturing aerospace-related components with tie-ups with aviation leaders such as Airbus, Lockheed Martin, Rolls-Royce and Safran.
COMPANIES ON TARMAC
US aviation major into civil and military aviation
Rs 3,100 crore
Sobha Nadathur Aerospace Pvt Ltd, Bangalore
Rs 200 crore
EADS — Initial investment Rs 94 crore; Total $2 billion Dynamatic Technologies
Rs 466 crore