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.
