L K Atheeq, chairman of Bengaluru Business Corridor Ltd
Credit: Special Arrangement
Bengaluru: A day after some farmers raised objections to the compensation finalised by the government, officials maintained that the proposed Bengaluru Business Corridor (BBC) would benefit both landowners and the city.
L K Atheeq, chairman of Bengaluru Business Corridor Ltd, the special purpose vehicle implementing the 74-km project, said the government has offered five different compensation options — a first for any state project. These will be presented to farmers in November.
“Only after that can we know whether farmers accept or reject them,” he said, dismissing claims that all options had already been rejected.
The project requires 2,418 acres spread across 2,584 survey numbers, affecting nearly 5,000 families, many losing part or all of their holdings.
Responding to demands for compensation under the Right to Fair Compensation and Transparency in the Land Acquisition Act, 2013, Atheeq said the state is offering twice the guidance value (GV) in urban areas and three times the GV in rural areas.
He admitted that GVs are often undervalued, but said sale deeds in recent years are based on these figures. “That’s why we offer two or three times the GV to balance the gap between guidance and market values,” he said.
Farmers not satisfied with cash offers can opt for developed commercial or residential plots, which are likely to appreciate once the corridor is built. “Unlike cash, real estate appreciates over time,” Atheeq noted.
Farmers will also have the option of Transferable Development Rights (TDRs) issued at urban land guidance values, significantly higher than agricultural rates. “Written award notices with detailed calculations will be shared soon,” he said.
Calling the project a “win-win”, Atheeq said it would decongest North Bengaluru and unlock value for farmers whose lands have been stuck in limbo for two decades.
"About 70 per cent of landowners are losing only part of their land, and the remaining portions are expected to appreciate once service roads and infrastructure are developed,” he added.