In a landmark decision, the Karnataka government is set to compensate the heirs of the Maharaja of Mysore with Transferrable Development Rights (TDR) certificates worth ₹3,000 crore. This follows a Supreme Court ruling mandating the acquisition of 15 acres near Jayamahal and Ballari Roads at market rates.
The court set the land value at ₹2,83,500 per sqm for Ballari Road and ₹2,04,000 per sqm for Jayamahal, far exceeding the government’s earlier estimate of ₹120.68 per sqm under the Bangalore Palace (Acquisition and Transfer) Act, 1996. The payout will enable developers to construct an additional 3 lakh sqm of high-rise buildings, intensifying real estate activity in the area.
Activists accuse the state of negligence, citing delays in notifying the accurate guidance value under the Karnataka Stamp Act, 1957. Despite repeated appeals from the BBMP, officials failed to act, which critics claim has led to significant public financial losses and alleged involvement of real estate lobbies.
The Karnataka Rastra Samithi labeled the lapse a “massive scam,” urging strict action against officials and ministers responsible. Meanwhile, petitioner Chaduranga Kanthraj Urs noted that the government would provide an assurance to reclaim the funds should a larger Supreme Court bench uphold the 1996 Act.
The verdict emphasizes that public acquisitions must align with market rates, setting a precedent for future land disputes.
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