Metro realignment to hike cost by Rs 1000 Crore
Namma Metro officials have decided to stick to their realigned plan and save a portion of Jayadeva Institute of Cardiology. This could potential hike costs up by at least Rs 1,000 crore. A large chunk of the amount will be paid as compensation for the 98 buildings the BMRCL will demolish as part of the realignment plan.
Bangaloreans have been vocal against the realignment and the inter-change stations of Metro Phase II lines from RV Road-Bommasandra and Gottigere-Nagavara. However, Metro officials reportedly said that they will not change their decision only to "protect properties of some patrons who will be affected by the realignment decision."
The realignment is likely to affect properties in Jayanagar 9th Block East, BTM Layout and Bannerghatta Road. A number of multi-storied office and commercial buildings including Gopalan Mall, Valtech IT park, Infosys and On Mobile are located on this stretch. While BMRCL's estimated additional cost of compensation is Rs 145 crore, a conservative calculation by residents, based on market value of Rs 11,000/sqft, amounts to about Rs 840 crore. Together with interest it would exceed Rs 1,000 crore. About 1.65 lakh sqft of land and 3.25 lakh sqft built up area is required for the realignment line and the stations.
Source: Bangalore Mirror