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The Karnataka Cabinet Thursday approved the implementing agencies of the much-delayed Peripheral Ring Road project to raise loans from financial institutions and cash-rich state-run enterprises. The project is expected to cost Rs 27,000 crore.
Law and Parliamentary Affairs Minister H K Patil told reporters that the Cabinet agreed to have the state government as the guarantor for the loans raised from various financial institutions.
Of the total cost of the project, 75 per cent will be raised as loans, the minister said.
A note issued by Patil’s office said the Cabinet also agreed to provide compensation under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. If land owners volunteer, the government is willing to provide relief under the Transferable Development Rights (TDR) scheme, it added.
The Cabinet also decided to appoint someone apart from the Bengaluru development minister as the chairman of Bengaluru Business Corridor Limited – a special-purpose vehicle formed for the implementation of the project.
Moreover, the government decided to extend the One Time Settlement scheme for property tax defaulters in Bengaluru from September 30 to October 30. This is the third extension offered under the scheme during the current fiscal as the civic body tried to shore up revenues lost due to non-payment of property taxes.
Over the last few days, Bruhat Bengaluru Mahanagara Palike authorities have also released a list of tax defaulters in the city.
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