The change in alignment is a mixed blessing for property owners on the inner ring road in BTM Layout. While some are happy, others believe they have missed out on the benefit.
Fearing loss of property and inadequate compensation, some have already held distress sales way below market rates, said Vysya Bank Colony residents.
The properties earmarked earlier when the alignment fixed by the Bangalore Metro Rail Corporation Ltd. (BMRCL) and approved by the government had mixed use with both commercial and residential properties.
“Most property owners had stopped plans for development since the alignment had been fixed. At least 10 properties in Vysya Bank Colony alone have been sold by owners who feared losses,” said M.S. Srinivas Murthy, one of the property owners, who had petitioned BMRCL to save their properties.
According to him, owners sold their properties around Rs. 2,000 less than the prevailing market value.