Erstwhile Mysuru royal family set to question valuation of palace property in Bengaluru by BDA
The Hindu
The current market value of the palace land in Bengaluru is estimated to be around ₹100 crore per acre. BDA fixed a rate of ₹120.68 per square metre, or ₹4,88,375 per acre.
A recent valuation of the sprawling 472 acres of palace ground in the heart of Bengaluru at a mere ₹11 crore by the Bengaluru Development Authority (BDA) for calculating Transferable Development Rights (TDR) raised several eyebrows. BDA fixed a rate of ₹120.68 per square metre to acquire part of the land for widening the road.
The current market value of the land is estimated to be around ₹100 crore per acre.
The civic authority justified its decision to fix the compensation based on the Bangalore Palace (Acquisition and Transfer) Act, 1996, that pegs the total value of the entire palace ground at ₹11 crore.
The TDR was issued as per the 2014 Supreme Court order for acquiring 15 acres and 17.5 guntas, or 62,475 square metres, of palace land for widening Ballari Road and Jayamahal Road, and ahead of the contempt petition coming before the Supreme Court on July 12. As per the provisions of the Act, value of the land being acquired is pegged at ₹60 lakh, and 1.5 times the sum would come to around ₹1 crore.
The guidance value of the Stamps and Registration Department, revised in 2023-24, pegs the value of a square metre on Jayamahal Main Road at ₹2.04 lakh while the rate per square metre on Ballari Road is ₹2.85 lakh.
Considering an average guidance value of about ₹2.30 lakh per square metre, the value of the land to be acquired would be over ₹1,400 crore. The market value would be much more than that.
Under the TDR, the compensation is to be 1.5 times the market value or the guidance value, whichever is higher. This will work out to more than ₹2,100 crore, said a Bengaluru-based expert on TDR.
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