From ET Realty
BMRC will have to pay out a whopping Rs 5,500 crore in the coming months – a nearly 200% increase in the compensation amount to acquire land for the 72km network of Namma Metro Phase II. The estimated outlay for compensation shot up due to revision in land guidance values in 2013 and 2014.
Originally , BMRC had estimated that Rs 1,980 crore would have to be paid as compensation to land losers.The huge payouts will mean a sharp escalation of the project cost, currently estimated at Rs 26,405 crore.
For the 42km Phase I connecting the Byappanahalli-MG Road and Nagasandra-Puttenahalli corridors, BMRC had paid Rs 2,163 crore as compensation to acquire 999 properties across the city .
Close to 1,600 properties have been earmarked for acquisition for Phase II covering two corridors in either direction and two new lines: Gottigere to Nagavara and RV Road to Bommasandra.
Pradeep Singh Kharola, MD, BMRC, said: “The new estimates for land acquisition will cross the Rs 5,500-crore mark. It was estimated at around Rs 2,000 crore when the cabinet approved the project in February 2012. But land guidance values were revised twice since then. Property owners now parting with their land will get a better deal. We have less land to be acquired this time but more number of properties.”
In all, 250 acres will be acquired for Phase II, as against 310 acres for Phase I. The land earmarked for acquisition for Phase II also falls in prime locations. BMRC has already released Rs 100 crore to be paid to land losers along the 6-km Mysuru Road-Kengeri corridor.