BENGALURU: An apartment with 36 flats is set to be the first major one in the city to be demolished for any Metro Phase-I or Phase-II project. It is located at the junction of Nagawara and Outer Ring Road.
‘Akshay Residency’ will be razed to put in place the Nagawara Underground Metro Station on the 21.25-km Nagawara-Gottigere Line (Reach-6). A senior Metro official told The New Indian Express that this was the first such in the history of Bangalore Metro Rail Corporation Limited (BMRCL).
“While clusters of houses in slums or a few houses located close to each other have been demolished for our Phase-I and Phase-II lines, this is the first time such a massive apartment will be acquired for our line.”
However, a bonanza is in store for those who purchased 2 BHK, 3 BHK and duplex houses between Rs 10.5 lakh and Rs 20 lakh in the apartment 15 years ago.
“The increase of the guidance value in HBR Layout and surrounding areas and the Karnataka Land Acquisition Act, 2013, which ensured payment of double the compensation value to those parting with properties for BMRCL has ensured that the minimum compensation to be payable to a flat owner here would be above Rs 1.2 crore,” another official said. Barring two, the rest of the owners have consented, he claimed. Narayana Shenoy, an advocate and one of the board members of the Akshay Residency Owners Association, said, “We are yet to be given a notice from BMRCL. The exact compensation to be paid to each one of us is yet to be officially conveyed to us. If the compensation is good and we get what is due as per law, then I do not think there will be any major objection.”
Retired interior designer Baljinder Singh, however, was upset over the compensation.
“My flat is 1,210 sqft. When I bought it, it was Rs 1,025 per sqft. They are willing to pay around Rs 13,300 per sqft. However, they are only willing to consider only 488 sqft.
The remaining is billed as coming under Undivided Share Area.”