Bangalore University has extended the leased land rent of Rs 50,000 per acre to all institutions and organizations in Jnanabharati campus with a 10% increase in rent every year.
The university has about 1,200 acres of land in the Jnanabharati campus and has given a total of 273.19 acres to 24 institutions and organizations on lease for 30 to 99 years at rates ranging from ₹1 per year to ₹10,000 per acre per year.
The National Institute of Sports (NIS) has got 81.2 acres of land on lease for 99 years at Re 1 per acre per annum.
Regional Institute of English got 11.11 acres on 30-year lease, Institute for Social and Economic Change (ISEC) got 38.21 acres on 30-year lease, Department of Atomic Energy got 15 acres on 99-year lease, Babasaheb got Dr. BR Ambedkar School of Economics has 43.35 acres of land for 30 years and the rent is ₹1,000 per acre per year.
The decision to hike the fare was taken in the 166th Syndicate meeting of Bengaluru University, held on October 31, which will be effective from December 1, 2022.
The university has requested all the institutions which have land lease agreement with BU to enter into a new lease agreement at the earliest.