2013 Assembly Polltime sees miners selling villas

Polltime sees miners selling villas

SHIVAKUMAR G. MALAGI .

BELLARY, APRIL 18





Villas, commercial complexes and apartments in upscale precincts in Bengaluru are being sold by cash-strapped mine barons to raise the moolah for next month's elections to the Legislative Assembly.Sources close to a mine owner said one of the candidates, already in debt, sold his property on the outskirts of Bengaluru for about `150 crore to meet the election expenditure.
Similarly, another mine baron and candidate put up two apartments in the city's central business district (CBD) for sale, while another put on the market his bar-cum-restaurant, also in the CBD.
Speaking on the condition of anonymity, a mine magnate and candidate said, “I have to maintain the aura of a mine baron and meet people's expectations despite the fact that there is no income of single
rupee since two years.Otherwise, people do not believe me.“ Besides, some political parties and candidates are turning to mining entrepreneurs to bankroll them in the polls.
Most of them, however, have returned emptyhanded as mine owners are wary of the vigil maintained by investigating agencies ever since the Supreme Court ordered a probe by CBI into illegal mining in
Karnataka.Some of the mine owners are finding it difficult to market their properties as buyers are worried that these buildings could be attached by the investigating agency probing illegal mining.
In a few other cases, buyers are quoting less than market value as they are aware of the fact that mine owners are in a hurry to mobilize resources ahead of the elections.