The rising cost of Bengaluru real estate has prompted the state government to release additional funds for Namma Metro Phase 2 in Bengaluru. On Monday, the state Cabinet approved a proposal to release additional 2,187 crore toward the acquisition of land for the project.
TB Jayachandra, Law and Parliamentary Minister said, "Over the years, the guidance value of land in Bengaluru has been changed several times and the cost of land has shot up considerably. Hence, the total cost of land acquisition for BMRCL’s Phase II Metro work would be `6,293 cr including the additional `2,187 cr." Incidentally, under the phase 2, Namma Metro is expected to connect a number of IT hubs around the city.
According to inside sources, BMRCL will require 250 acres of land, which involves the acquisition of close to 1,000 properties. The entity had kept aside Rs 5,500 crore for the process; however, the rising prices of real estate in and around Bengaluru forced the body to seek additional help from the state government. The Karnataka Industrial Area Development Board has been given the responsibility of acquiring the land for the project.
It is said that the acquisition body has made great progress in acquiring several properties around Mysuru Road, Kengeri, Yelachenahalli, RV Road and Bommasandra stations. However, it is stuck in the acquisition of land between Baiyappanahalli and Whitefield.