HUDCO Loan of ₹27000 crorea for Bengaluru Business Corridor
Farmers get better compensation: BDA
- ₹27 thousand crores Cost of construction of business corridor
- 2,400 acres Final notification for land acquisition
- 3 years Deadline for project completion
Kere Manjunath ಕೆರೆ ಮಂಜುನಾಥ್
BENGALURU: HUDCO has agreed to provide the complete loan for construction of the 73 km long 'Bengaluru Business Corridor' on the outskirts of the city.
Due to land acquisition, the project, which has been stalled for many years, is being finalized. A special package is being prepared for land acquisition and it is planned to fix the compensation amount between the BDA Act 2013 and the compensation amount of the current land acquisition process.
The project which was known as Peripheral Ring Road has been named as 'Bangalore Business Corridor'. A Special Purpose Vehicle (SPV) has been set up for the implementation of this scheme, headed by Additional Chief Secretary L.K. Atheeq has been made the President.
The Business Corridor Project has been decided to be constructed by the Bangalore Development Authority (BDA) by getting a loan through government guarantee. The Housing and Urban Development Corporation (HUDCO) has agreed to provide a full loan at an interest rate of 9 per cent for this project. Negotiations are underway to reduce the interest. Apart from this, talks are going on with two more organizations and will be finalized in 15 days, said L.K. Atheeq told Prajavani.
The project requires land acquisition of 2600 acres, of which 200 acres are owned by government institutions and have been handed over. He said that the process of land acquisition will be completed soon by negotiating with the farmers and landowners and giving them compensation in a way that will satisfy them.
The government has deputed eight KAS officers to complete the land acquisition process. Preparation of Detailed Project Report (DPR) has been started. After completing all the necessary processes, the tender will be called in six months. He informed that the target of completion of the project has been set within three years from the commencement of the work.
Commercial Area:
60% of the cost of the project is required for land acquisition. Therefore, the debt cannot be paid only by toll collection. Thus, the space on both sides of the corridor will be sold.
Business Corridor route
The business corridor starting from near Nice Junction near Madanayakahalli on Tumkur Road will reach Namaghatta Road, Doddaballapur Road, Bellary Road, Hennur, Old Madras Road, Whitefield, Channasandra, Sarjapur Road, Hosur Road.
The PRR will pass over railway level crossings and 395 minor junctions on the roads of Nameghatta, Doddaballapur, Chikkaballapur, Whitefield, Hosur. A total of 16 flyovers are planned to be constructed over the Jarakabande Lake, Tirumenahalli Lake, Chinnaganahalli Lake, Gunjur Lake, and Chikkatoguru Lakes.