
Bengaluru: Banashankari allottees await legal resolution
BENGALURU
:
Banashankari Affected Site Owners Federation
(BASOF) on Wednesday urged the
Bangalore Development Authority
(BDA) Commissioner and Bangalore Deputy Commissioner to protect the rights of those who bought sites at
Banashankari
6th Stage.
The
Karnataka High Court
has passed the judgment in favour of original land owners, who claimed the BDA has failed to fully develop the land. With this hundreds of people who bought sites at Banashankari 6th Stage Layout are in trouble as the High Court quashed proceedings over acquisition of 16 acres of land.
Speaking with media persons at Press Club, Yogesh, convenor of BASOF, said that the affected site owners have decided to submit a memorandum to the Bangalore Deputy Commissioner and the BDA Commissioner to take legal measures to protect the interests of the site owners.
'With the failure of the BDA to submit the documents in the honourable court, the future of around 350 site owners is at risk. Many people have already constructed buildings and have been paying property tax to the BDA,'' said Yogesh.
He said that he bought the site (30X40) from one of the allottees by paying around Rs 80 lakh more than a year ago. 'Now, the land owner is not allowing me to construct the building on the site claiming that the land belongs to him,'' he said.
The hapless site allottees, who paid their hard-earned money to buy sites from the BDA, have to wait to construct their dream homes till the petition in the court is disposed– M Ravishankar, social activist
Expressing concern over the plight of the site allottees, M Ravishankar, a social activist, said the hapless site allottees, who paid their hard-earned money to buy sites from the BDA, have to wait to construct their dream homes till the petition in the court is disposed. 'The BDA cannot allot alternative sites to the victims till the court gives final judgment,'' he said.
Rudrappa S, a retired employee, said that the BDA has allotted him a 30x40 site in 2002. 'Now, I am 84 years old. I want to construct my dream home but the land owner is not allowing me to go ahead with my plan. The BDA has sanctioned the building plan. I have been paying the property tax to the BDA all these years. I do not know whether I will be able to realise my dream of having my own house,'' rues Rudrappa.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Hans India
20 minutes ago
- Hans India
Rs 159.59 cr sanctioned for ROBs
Guntur: Union Minister of State for Rural Development Dr Pemmasani Chandrasekhar said the Union Ministry of Railways has sanctioned Rs 159.59 crore for the construction of Syamala Nagar and Sanjeevaiah Nagar ROBs. He made it clear that the Centre will bear full expenditure for the construction. In a statement, he said so far, the Union Ministry of Railways sanctioned ROBs at Sankar Vilas Centre, Gaddipadu, Pedaoalakaluru, Nandivulugu and Mangalagiri at a cost of Rs 572.47 crore. He said he met railway general manager Ajay Jain and thanked him for sanctioning Rs 572.47 crore for ROBs.


Time of India
44 minutes ago
- Time of India
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 billion
A fund managed by US-based Fidelity has marked up the valuation of omnichannel eyewear retailer Lenskart by over a fifth to $6.1 billion at the end of April 30, according to a monthly portfolio holdings update by the financial services major. This marks a 21% increase of the company's fair value in Fidelity's books compared to the $5 billion valuation at which it acquired the shares in June 2024 during a secondary transaction that also saw Singapore's Temasek join Lenskart's roster of blue-chip investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Crossover funds such as Fidelity, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. To be sure, the fair value of a company is ascertained on the basis of a number of factors, including financials shared with investors, market conditions and the performance of comparable peers. Since inception in 2010, Lenskart has closed nearly $2 billion in funding, including secondary deals. It is due to set up its largest eyewear manufacturing facility in Telangana with an investment of about Rs 1,500 crore. Live Events As reported by ET, the eyewear retailer is considering a $1 billion public offering at a potential $10 billion valuation, double that of its last funding round as reported by ET. Earlier this month, Lenskart converted into a public company by changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. Lenskart had closed a $200 million secondary round last June at a $5 billion valuation, with investments from Singapore's sovereign fund Temasek and Fidelity. Separately, in July 2024, Lenskart founders Peyush Bansal , Neha Bansal, Amit Choudhary, and Sumeet Kapahi had invested almost $20 million in the company. Previously, in March 2023, Lenskart had raised $600 million from Abu Dhabi Investment Authority and ChrysCapital. Of this, $450 million was a secondary share sale, which allowed existing investors such as SoftBank and Chiratae Ventures to partially sell their stake in the company. This round had valued Lenskart at $4.5 billion. Lenskart bagged the top honour at The Economic Times Startup Awards 2024 . It was named the Startup of the Year by an elite jury for its success in building a fast-growing, large-scale omnichannel consumer retail venture while creating an entirely new category. In FY24, Lenskart's net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) more than doubled to Rs 856 crore. The Gurugram- based company produces about 25 million frames and 30–40 million lenses annually. It operates over 2,500 stores across India and Southeast Asia in addition to a strong online presence. The company has yet to file financial statements for fiscal year 2025 with the Registrar of Companies.


Hans India
an hour ago
- Hans India
AP partners with WEF for energy centre in Amaravati
Vijayawada: In a significant move to establish Andhra Pradesh as a global hub for innovation and sustainable development, the state government partnered with the World Economic Forum (WEF) to launch 'WEF-AP Centre for Energy and Cyber Resilience' in Amaravati. This initiative aligns with the government's ambitious 'Swarna Andhra Vision 2047'. A Government Order issued on Thursday formalized the establishment of this centre, which will operate under the WEF's global Centre for the Fourth Industrial Revolution (C4IR) Network. Notably, it will be India's first thematic C4IR centre and will focus on two critical areas: energy transition and green industries in collaboration with WEF's Centre for Energy and Materials (CENMAT) and AI-led digital transformation and cyber security, in partnership with WEF's Centre for Cyber Security. This initiative stems from high-level meetings with the WEF in Davos and is poised to position Amaravati as India's leading center for green energy, sustainability, and cyber security. The project is being spearheaded by Chief Minister N Chandrababu Naidu and IT Minister Nara Lokesh, with the overarching goal of enhancing AP's international profile and attracting significant investments in clean energy, Artificial Intelligence, and digital infrastructure. The centre's key objectives include elevating AP's global standing, fostering international partnerships, supporting the growth of green industries, enhancing cyber security capabilities, and running pilot projects in clean energy, smart grids, and the application of AI in sectors such as agriculture and governance. Furthermore, it aims at upskilling the workforce in cyber security and emerging technologies and connecting the state with prominent global platforms like the WEF's annual meeting at Davos. The state government has allocated Rs 36 crore to support the Centre's operations for three years. It will initially function from Vijayawada or Amaravati and will be governed by a high-level committee chaired by IT Minister Nara Lokesh.