HYDERABAD: With the Supreme Court ruling that property owners should be paid the highest market value for land acquisitions and not the registration value of the same area, those facing the prospect of losing their land to the Hyderabad Metro Rail project are happy. However, some concerns remain.Ramanna, a small-time hotel owner near SR Nagar, where the markings for the pier construction, have already begun, welcomed the verdict but was obviously concerned over the prospect of losing his business. “I have spent a good amount of my life establishing my business here. Now, I will be displaced and the compensation does not guarantee me a future in my business,” he pointed out.Another property owner, Krishna kumar, who has constructed a building and let it out for rent, said, “For the building I own, I pay around Rs 1.5 lakh towards bank loan from the Rs 2 lakh rent I receive. Now, when 10 feet of the compound is acquired and demolished, the compensation to the extent of land acquired will neither help me pay back all my loan nor help me retain the rent from the building. My tenants would leave and finally, the bank will takeover my property!”For some, though, it is a win-win situation as the whole of the land would be acquired at the highest market value. Among others who had more concerns to share was an affected party, and also an activist against the project, who did not want to reveal his identity. “The judgement calls for either a compensation for the land acquired or an equal amount of Floor Space Index (FSI)- a permission to construct additional floor space instead of claiming the compensation”. In such a case, a small business establishment owner does not benefit if a major share of his land is lost, he added.Among other major worries, is a proposal by the state government to impose double-tax on the properties enroute the project to balance the tax waivers provided to the lands given away to L&T metro rail Hyderabad Ltd.
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