Landowners in 11 villages on the outskirts of the City, whose properties have been acquired for the formation of the proposed Kempegowda Layout, can now claim compensation under three slabs.
The three-slab offer comes in the wake of the Bangalore Development Authority (BDA) hiking the land value in the 11 villages.
According to BDA sources, the compensation is perhaps the most lucrative ever the authority has fixed since its inception.
A BDA official said, “We are finding more and more farmers coming forward to reap the benefits of these compensation formulas.”
The slabs are claimed to suit the three categories of farmers: small and marginal farmers; farmers belonging to the middle class; and the landlords. Land belonging to all the three categories of farmers in the 11 villages have been acquired for the formation of the layout.
The BDA has fixed Rs one crore per acre as compensation for fertile land in Mangenhalli village and Rs 80 lakh per acre for the land to be acquired in the remaining 10 villages.
Revised formula
Under the revised compensation formula, farmers are eligible to possess developed land, in accordance with the landholdings they have relinquished. For example, farmers who own land less than an acre can claim either monetary benefit or 9,600 sq ft of developed land, in return.
For farmers owning land between one acre and three acres, compensation will be in the form of 50 per cent monetary benefit and 50 per cent of developed land at their disposal. Farmers having landholdings between three acres and 10 acres, will get compensation under 40:60 ratio, with the latter in the form of developed land.
Sources said the layout formation will also affect the landholdings of the farmers. Most of them will choose to sell off their portions for rates higher than what the BDA offers.
“Farmers will reap the benefits of Kempegowda Layout by choosing to develop their own private layouts and selling them to citizens or developers at a much higher value,” the officials said.