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With govt extending land conversion ban.
How this will affect/effect the RE scenarioo for BMRDA approved layouts pricewise and demand wise.Article extract below
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Land conversion ban extended indefinitely


S Nandagopal & R Jayaprakash | TNN

Bangalore: After all the brouhaha over the delay in withdrawing the ban on land conversion, the Bangalore Metropolitan Region Development Authority (BMRDA) has once again extended the restrictions on land conversion and layout development activities. This time, indefinitely.
The ban was imposed in July last year as the BMRDA had taken up preparation of the interim masterplans for Anekal, Hoskote, Kanakapura, Magadi, Nelamangala and Ramanagara-Chennapatna towns. These are awaiting government approval. Meanwhile, developers and the realty sector are up in arms against the delay in opening up land conversions.
The March 20 notification by the BMRDA states that the masterplans were submitted to the state government on December 1 and December 30 for its approval to put up for public hearing and invite public objections/ suggestions. “Accordingly, the restrictions imposed on land conversion and layout approvals will continue till then,’’ said the notification, a copy of which has been obtained by The Times of India.
The notification also says the authority will be sending individual clarification to the applicants who have submitted projects for development.
This ban applies to over 3,500 odd sq kms in the region. The masterplan project was taken up to contain the haphazard development in the recent past in Bangalore Rural district. Hence, the BMRDA had written to the special deputy commissioner, in-charge of land conversion, to stop conversion of land from agricultural to nonagricultural purposes till the masterplans were ready.
Since eight months, development in this region has come to a halt which has hit the industry hard — developers are caught between the farmers from whom the land has been purchased and the private financiers who have lent huge sums. Over Rs 10,000 crore has been locked up due to the ban.
Expressing disappointment over the recent notification, president of Karnataka Land Developers Association Roy C J said the developers were hopeful that government would lift the ban soon following their protest recently in which over 5,000 members from the industry - developers, engineers, construction staff and workers.
“Real estate in Bangalore is a Rs 10,000-crore industry by itself with lakhs directly employed. By continuing the ban indefinitely, this sector will further be severely hit with losses amounting to hundreds of crores,’’ Roy added.
toiblr.reporter@timesgroup.com
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