BENGALURU: Deputy Chief Minister DK Shivakumar on Thursday said the first phase of the Bengaluru Business Corridor (BBC) project will be completed in the next one-and-a-half years.
Addressing reporters after a review meeting with BDA officials here, Shivakumar said compensation cheques, certificates and Transferable Development Rights (TDR) were distributed to owners of land acquired for North and South corridors. Some owners opted for 35% commercial land as compensation, while others chose TDR or monetary compensation.
He said the owners were paid three times the market value of their revenue land and twice the market value of property within the Greater Bengaluru Authority (GBA) limits. Over 650 owners have agreed to part with their land. Compensation has already been distributed to more than 400 landowners.
On TDR-related issues, Shivakumar said BDA and GBA will issue TDRs for land in their limits within 10 days.