Bengaluru development body nods Rs 4,500 cr for residential project
Real Estate

Bengaluru development body nods Rs 4,500 cr for residential project

The Bengaluru Development Authority (BDA), which is planning to build a new residential layout on the city's outskirts, has estimated that providing basic infrastructure to Dr Shivaram Karanth Layout will cost around Rs 4,500 crore. The 3,546 acre layout could include around 30,000 sites of various sizes.

A Supreme Court-appointed committee is keeping an eye on the project to ensure it is completed on time. The project cost was approved by BDA in a board meeting earlier this week. Over the next three to four years, the authority plans to raise the funds through internal resources.

The fund for basic infrastructure, according to officials, will contribute to the construction of roads, drains, and electricity lines. The cost of acquiring land has not been factored into the BDA's estimate because it hopes to compensate those who lose land by providing them with developed sites.

The landowner is likely to benefit because the cost of developed sites is expected to be several times higher than the cost of undeveloped land. Because the Supreme Court has ordered that land losers be given developed sites on a first-come, first-come-first-served basis, BDA may have to raise funds on its own to begin initial development work.

The BDA is taking the layout seriously for the first time since it was announced in 2007. The layout will span 17 villages between Hesaraghatta and Doddaballapura. Buildings have been constructed on approximately 1,027 acres of the 3,546 acres of land that were originally identified. The rest of the land will be available for layout creation.

Citizens want BDA to set up a separate escrow account from the revenue it earns from selling sites solely for the development of this layout. The authority has been criticised as a result of the Nadaprabhu Kempegowda Layout debacle, which has left allottees waiting for sites for the past five years.

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Also read: Alliance Group gets Rs 165 cr from Kotak for realty project in Chennai

The Bengaluru Development Authority (BDA), which is planning to build a new residential layout on the city's outskirts, has estimated that providing basic infrastructure to Dr Shivaram Karanth Layout will cost around Rs 4,500 crore. The 3,546 acre layout could include around 30,000 sites of various sizes. A Supreme Court-appointed committee is keeping an eye on the project to ensure it is completed on time. The project cost was approved by BDA in a board meeting earlier this week. Over the next three to four years, the authority plans to raise the funds through internal resources. The fund for basic infrastructure, according to officials, will contribute to the construction of roads, drains, and electricity lines. The cost of acquiring land has not been factored into the BDA's estimate because it hopes to compensate those who lose land by providing them with developed sites. The landowner is likely to benefit because the cost of developed sites is expected to be several times higher than the cost of undeveloped land. Because the Supreme Court has ordered that land losers be given developed sites on a first-come, first-come-first-served basis, BDA may have to raise funds on its own to begin initial development work. The BDA is taking the layout seriously for the first time since it was announced in 2007. The layout will span 17 villages between Hesaraghatta and Doddaballapura. Buildings have been constructed on approximately 1,027 acres of the 3,546 acres of land that were originally identified. The rest of the land will be available for layout creation. Citizens want BDA to set up a separate escrow account from the revenue it earns from selling sites solely for the development of this layout. The authority has been criticised as a result of the Nadaprabhu Kempegowda Layout debacle, which has left allottees waiting for sites for the past five years. Image Source Also read: Alliance Group gets Rs 165 cr from Kotak for realty project in Chennai

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