The Karnataka government on Thursday cleared the Rs 18,000-crore Greater Bengaluru integrated suburban township project, designed as a 'work-live-play' plan. The 7,481-acre township will span across the entire Bengaluru South district, including Bidadi and Ramanagara.
Land Acquisition and Compensation
Nearly 6,650 acres of land has to be acquired from private parties for the project. According to law and parliamentary affairs minister HK Patil, the cabinet approved a compensation plan of over Rs 2 crore per acre or developed land of 9,693 square feet of developed property in lieu of one acre given for the project.
Funding Structure
The project will see the state government stand guarantee for Rs 7,500 crore to be raised from housing finance institution Hudco. The remaining funds will come from the Bangalore Development Authority and monetisation of CA sites within the Bengaluru Metropolitan Region Development Authority by mortgaging sites to banks.
