Corporation seeks Rs. 1.50 crores
HUBLI: The Syndicate meeting of the Karnatak University has decided to approach the State Government if the Hubli-Dharwad Municipal Corporation refuses to sell the land in front of the Karnatak College here for Rs. 20 lakhs.
At the meeting held on Monday, the Syndicate decided to pay Rs. 20 lakhs to buy 1.22 acres of land opposite the Karnatak College.
The meeting decided to communicate the decision to the corporation and wait for its response. Although market price of the land is approximately Rs. 3.8 crores, the Commissioner of the corporation, after discussing the issue at the Operational Review Committee meeting, offered to sell the land for Rs. 1.5 crores, less than 50 per cent of the market price.
P. Manivannan, Commissioner of the corporation, said since the university intends to use the land for educational purposes, the corporation decided to offer it at a price less than 50 per cent of the market value, he said.
The corporation will wait for a communication till January 31, failing which the subject will be placed before the general body meeting.