BDA plans hi-tech zone to recover PRR costs
In an apparent bid to recover the land cost of Rs 2,000 crore for the construction of the Peripheral Ring Road (PRR), the Bangalore Development Authority (BDA) and the State government are likely to deem one kilometre area around the 65-kilometre stretch as hi-tech zone.
Hi-tech zoning is the creation of a priority area for the establishment of industries like automobile, IT and other allied industries.
Owners of land within the area will have to pay hefty sums as betterment charges and other taxes to the BDA for converting their land under the hi-tech zone.
“While the actual beneficiaries of this plan will be the land owners who wish to sell their land, we will be recovering certain amount from people who wish to get their land converted under the hi-tech zone as per betterment charges,” said the official.
Sources indicate that hi-tech zoning will facilitate a real estate boom around the PRR, with land prices already skyrocketing in and around the City.
“The region will be an attractive land bank for industries to set up shop as it is away from the City’s traffic congestion,” said a government official.
With the PRR providing a connecting route from Tumkur Road to Hosur, it is likely that industries that wish to cater to the neighbouring state of Tamil Nadu may find the zone an attractive investment option.
As per the hi-tech development zoning proposal, any person who is interested in buying land will have to acquire at least three acres of land, big enough to set up an industry.
Further, it also stated that the State government and the BDA may relax the Floor Area Ratio (FAR) for the entire 65-kilometre stretch enabling commercial property builders and companies to increase the height of their buildings.
“This will encourage builders to come forth and invest in the vicinity,” said the official.
Currently, as per CDP 2015, the FAR in hi-tech zones is between two to 3.25 times the extent of the land on roads that are 12 metre to 30 metre wide.
For road users
For road users, the PRR is likely to have as many as 10 grade separators for commuters to exit the toll road. Sources said toll will not be applicable to those residing in the nearby villages.
Currently, the PRR is pending before the Urban Development Department for its clearance and to be presented to the Finance department. “In all likelihood, we expect the proposal to go before the Cabinet in the next 20 days,” informed the official.
