Acquisition of land for the mega steel plant of ArcelorMittal, the world’s largest steel maker, has commenced in Kuditini village of Bellary district in north Karnataka. With the farmers accepting the cash compensation package fixed by the state government, the Karnataka Industrial Area Development Board (KIADB) has started taking possession of the land.
The farmers had been asking for a higher cash compensation. They have since accepted the Rs 8-16 lakh per acre decided by the land fixation committee, headed by the deputy commissioner of the district.
The committee has fixed Rs 8 lakh per acre for land in the interior, Rs 12 lakh per acre if adjacent to the main road and Rs 16 lakh per acre for converted land. The prices are double the prevailing market value. Presently, an acre of land in the interior costs Rs 3-4 lakh and near the national highway, Rs 6-7 lakh an acre.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app