The Housing and Urban Development Corporation has given a green signal for the loan of Rs 27,000 crore to the BDA. This fund will be allocated for the long-delayed Bangalore Business Corridor.
According to Bangalore Development Authority, this project which got delayed for 16 years, is now likely to commence within two months.
Two agencies are anticipated to finalize the agreement soon. Following this will lead to acquisition of the project. The compensation for the land which got acquired of farmers will be decided as per the BDA Act and the Land Acquisition Compensation Act.
About The Cost Distribution
From the total amount of loan which got approved, Rs 21,000 crore will be for the land acquisition. However the rest Rs 6,000 crore is for the construction of road. According to a senior BDA official, this project includes the development of 100-meter wide route. The official further stated that the process of land acquisition has been started, as per media reports.
To ensure the visibility of the project, suggestion has been made to make use of both side of the route. A six-lane route will occupy 50-meters of the corridor. However the land which are left will be used for the business and commercial activities.
As per media reports, the BDA has aimed to complete the projects within 3 years.
