Property rates in Bengaluru, one of the fastest growing cities in the world, have always been on a constant rise but for a brief period during the pandemic. However, in a miracle of sorts, real estate rates around the proposed peripheral ring road (PRR), now rechristened Bengaluru Business Corridor (BBC), are set to fall by up to 50 per cent, while under normal circumstances it should have more than doubled. So, what explains this strange phenomenon? After increasing guidance value for properties across the city only recently, the government has now issued another notification cutting the same by half across the 73-km BBC.
The downward revision has been notified for more than 75 villages, including ones that are currently witnessing massive growth. These include Kadugodi, Varthur, Gunjur, Ramagondanahalli, Harohalli, Aduru, Rampura and Hebbagodi. The decision will badly hit those whose lands will be acquired for the project because along with the fall in guidance value, the compensation they will receive will also go down drastically. This is clearly a case of the government trying to shortchange land losers who have already faced much hardship due to the long delay in the implementation of the project, and the government can be accused of doing so deceptively. This will also be seen as a move to help real estate sharks to buy land around the BBC at much lower rates.