Bengaluru: The Karnataka State Government has decided to construct the 117-km long 'Bengaluru Business Corridor' at a cabinet meeting and has announced a compensation three times the value for farmers whose land will be acquired for the project.

During a press conference held on Thursday, Deputy Chief Minister D. K. Shivakumar, who is also the Bengaluru Urban Development Minister, reportedly announced the decision. The government had previously approved the corridor and offered four compensation options to farmers, affirming that the project would not be stalled under any circumstances.

The government has renamed the 'Peripheral Ring Road' (PRR), originally planned by the previous administration, as the 'Bengaluru Business Corridor' and has sanctioned the 117 km stretch. To ensure the project's execution and prevent denotification, the government has secured a loan of ₹27,000 crores through HUDCO. The project is estimated to be completed and implemented within two years, potentially saving ₹10,000 crores.

The Deputy Chief Minister stated that the road is expected to usher in a new chapter of development, significantly reduce traffic congestion, and serve commercial purposes. In this context, the government has made a crucial decision regarding compensation for the affected farmers. Zoop by Titan Basic Analog Watch for Kids-NS26019PP12W/NU26019PP12W

The government had previously outlined four types of compensation for the Business Corridor project:

• Cash Compensation

• Transferable Development Rights (TDR)

• Floor Area Ratio (FAR)

• Alternate land (35% in commercial area or 40% in residential area)

The government also clarified that if compensation is refused, the amount would be deposited in the court, and the project would proceed. Also Read: Is a November Revolution Fixed in the State? Is a Change in CM and Cabinet Certain?