Committee fixes Rs 31.35 lakh for a cent

KOCHI: As part of the Kochi Metro Rail-related road widening project on Banerjee Road and Jose Junction-South Railway Station Road, the District-level Purchase Committee has informed the land owners that they will be paid a compensation amount of Rs 31.35 lakh per cent.District Collector P I Sheik Pareeth announced that the procedures to initiate land acquisition for the project on fast track have been completed  and that land owners who are ready to give their land will be compensated immediately.The land acquisition is being conducted to widen Banerjee Road to 22-metres and the Jose Junction-South Railway Station Road to 18-metres. 56.25 cents and 37.5 cents of land are to be acquired for the project on Banerjee Road and Jose Junction-South Railway Station Road respectively. The Collector also announced the prices fixed by the Public Works Department (PWD) for the buildings that need to be demolished. The prices range from Rs 10,000 to Rs 2.89 crore based on a rate of around Rs 1000. per square feet. The depreciation value of buildings has not been considered during the price fixing. The owners were generally satisfied with the rates fixed for the buildings. However, the land owners have asked for a week’s time to decide on the prices fixed for the land. Meanwhile, the Land Acquisition officials will inform the owners about the area and buildings which will be undertaken. The District Administration will also request the government to relax the floor-area ratio to renovate the demolished buildings of those who readily hand over their plots.  Measures are also being taken to provide relaxation in registration and stamp duties.  The land acquisition officials will visit Banerjee Road on Wednesday and Jose Junction-South Railway Station Road on February 14 to inform the land owners about the area and buildings to be included in the land acquisition. The final decision regarding the process will be taken in a meeting of the owners convened by the District-level Purchase Committee. Forty seven shops on Banerjee Road will be included in the land acquisition drive. Of these, 12 buildings will be completely demolished and 13 buildings will be partially demolished.