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#198/6, BSR Arcade
Gandhi Bazaar Main Road,
Next to Adyar Anand Bhavan,
Basavangudi,
Bangalore : 560 004
Karnataka, India

TEL : 91-08-42421019
MOBILE : 9742814697 / 9019112051
EMAIL : info@magnumdevelopers.com

Land on the outskirts Mysore City only

By - Magnum

Mysore is the second largest city in Karnataka and is one of the most peaceful and beautiful cities of India. Besides its numerous palaces and royal buildings, Mysore City is also known for proximity to several other places of interest such as Srirangapatna, KRS Dam and Shivanasamudra falls and Bangalore. With non-availability of land in Mysore, there is little hope for investors to acquire sites for residential purposes in the city limits. Only buyers have to purchase sites at market value from existing owners. Following demand for housing sites from residents of the city, the Mysore Urban Development Authority (MUDA) is feeling the pinch and has been acquiring land from farmers on the outskirts of the city. However, the land acquisition process was not easy on account of demand for high compensation from farmers and protests for acquisition of farming lands by some NGOs. The MUDA has received thousands of applicants and has not been able to deliver sites on account of shortage of available lands. New scheme Now, the MUDA has come out with a new proposal under which the farmers will not be paid cash compensation. Instead, they will be given 40 per cent of the developed land in lieu of transferring their property to MUDA. The farmers will be stakeholders in real estate development and will be free to sell the developed sites to individuals at the market price prevailing on the day. If the MUDA acquires 40 acres from a farmer, 50 per cent of the land will be for civic amenities including roads and 10 acres of land will be used for creating sites. Of this, 40 per cent of the land developed into full- fledged sites will be the compensation for the land owner who will be free to sell it as per his or her convenience and at the rate he or she deems fit. The scheme is likely to be accepted by the land owners and farmers since the price o f real estate will only increase with time but the value of money will decline in real terms over the years. Low compensation w a s the