BDA Commissioner Major Manivannan symbolically exchanges property records and compensation papers with landowners.
Credit: BDA
Bengaluru: Months after the state government introduced five compensation models, some property owners have begun giving up land for the 73-km Bengaluru Business Corridor (BBC), which encircles the city's outskirts.
This is a major boost for the project, stalled for two decades over land acquisition issues.
On Wednesday, Major Manivannan, Commissioner of Bangalore Development Authority (BDA), symbolically exchanged property records and compensation papers with some landowners.
The BDA requires 1,810 acres for the project, previously known as the Peripheral Ring Road (PRR).
The authority is offering compensation including cash, developed commercial or residential sites, transferable development rights (TDR) certificates, and additional floor area ratio (FAR).
Not all farmers are giving up land, with some demanding compensation under the Centre's 2013 Act.
Deputy Chief Minister DK Shivakumar has called a meeting of landowners on Monday to address their compensation concerns.