Land acquisition process for the 47km long southern corridor of the Ring Road will be completed in fixed time frame as Jaipur Development Authority enters new understanding with the National Highway Authority of India (NHAI).
The JDA, which had previously assigned Ring Road development to the highway authority, signed a revised memorandum of understanding with the NHAI on Monday that includes provision for an advance to compensate cost of acquisition of remaining parts of the corridor.
Acquiring the remaining land had become a challenge for the JDA as much of it was commercial land requiring the authority to deposit the compensation amount in advance before acquiring the land. Faced with a cash crunch, the JDA had to seek an advance of Rs 200 crore from the NHAI.
The advance has arrived with time limit and interest. “The JDA will acquire the land within a month of receiving the amount,” said a JDA officer. “This amount shall subsequently be deducted from the amount that NHAI had to pay to JDA over next 10 years. An interest of 8 per cent will also be charged on the advance,” he added. Read More