Want Land Conversion Ban Lifted; BMRDA Claims Govt Nod Awaited
TIMES NEWS NETWORK
Bangalore: The booming reality sector has hit a dead-end in the Bangalore Metropolitan Region, with investments to the tune of Rs 10,000 crore left in a limbo. The reason: the delay by the state government in lifting the ban on land conversion.
Over 5,000 members from the fraternity — developers, construction workers, engineers and marketing executives — gathered at MG Statue and took out a protest march to BMRDA’s office demanding the lift of the ban.
The members under the aegis of Karnataka Township Developers Association (KTDA) and Karnataka Land Developers Association submitted a memorandum to BMRDA commissioner Sudhir Krishna in this regard. He responded that he would apprise the CM on the issue and pass on the memorandum.
The developers contended that housing industry in BMR has come to a grinding halt since financial institutions were reluctant to extend loans if conversion and other approvals are not obtained from BMRDA. General secretary, KTDA Mr. Roy C J, said: “The delay in opening up land conversion and approval of layouts will deprive the developers of tax benefit announced by the union government for BMRDA approved projects. All developers had resolved to pass on tax benefits to the buyers. The last date for availing the benefit is March 31.”
He added, “It’s an industry with over Rs 10,000 crore of investment and lakhs of employees including engineers and construction workers. If the arbitrary ban is not lifted they will be badly affected. We have suffered huge losses in the form of interest charged by banks and private lenders, idle staff, maintenance of offices and dead land stock. This cannot go on, the government should consider our plight.”
The BMRDA had stopped land conversion and sanction of layout plan on July 14 last to facilitate preparation of interim master plan for six towns. The authorities were supposed to have opened up land conversions by January. Since master plans are pending approval with the state, BMRDA has continued with the ban. BMRDA officials said despite repeated reminders, the state has not taken a call on the master plan.
Areas notified
The BMRDA has notified certain areas that would be acquired for constructing Satellite Town Ring Road and Intermediate Ring Road to facilitate setting up satellite towns around the city. They have also notified certain areas for constructing airport expressway. The notified areas are put up on website — www.bmrda.kar.nic.in
UP IN ARMS: Developers, construction workers and dealers take out a rally to BMRDA office on Friday to mark their protest
