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Global tech hub Bengaluru has a very big land fraud problem and we have written about it before.
In brief, with credible Bengaluru Development Authority (BDA) plots scarce and unaffordable, uncountable folks have fallen for dubious land ownership schemes and lost money.
A lot of that will now change, with the BDA building the Dr. Shivaram Karanth Layout - a 3,546 acre layout on the outskirts of Bengaluru, which will offer 30,000 development sites.
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In the works since 2007, this is the first time that the BDA is mega serious about building the layout with all the necessary infrastructure and amenities.
The layout will be built on land acquired across 17 villages located between Hesaraghatta and Doddaballapura villages.
The entire area of 3,546 acres, which was originally identified for the project has already witnessed building construction over 1,027 acres. The remaining land will be transformed into a modern layout.
Whose Land Is It?
Land belongs to local residents of the 17 villages but beat this, it's going to cost the BDA almost nothing to acquire. Thanks to a win-win barter that's being supervised by the Supreme Court.
Every individual who relinquishes 1 acre of land for the layout will get back 8 sites of around 1,200 sq. ft. each. On the flip side, BDA will develop around 16 sites per acre, meaning everyone stays happy.
Finally, Will It Be Built?
Highly likely. The infrastructure and amenities cost for the project is around INR 4,500 crore and plot sales have already begun to fund this expense. P:S: Corner plots are flying faster than bananas.
However, with land buyers waiting for over 5 years to take possession of their plots in BDA's Kempegowda Layout, there is a demand for an escrow to be created, to ensure that funds are used only for the development of the Shivaram Karanth Layout this time.