Land Bill makes aggregation easier, says real estate industry
New Delhi: Land aggregation would be easier with the panel of minister's proposing that consent of only 66 percent of land owners will be required to acquire land for developing projects, developers body NAREDCO said Tuesday.
A Group of Ministers (GoM) Tuesday cleared the long-delayed controversial Land Acquisition Bill, paving the way for its introduction in Parliament in the forthcoming Winter Session.
The final draft of The Right to Fair Compensation, Resettlement, Rehabilitation and Transparency in Land Acquisition' Bill now proposes consent of two-third of "land losers" (from whom land would be purchased) for acquiring land for public-private-partnership and private projects.
"As is being reported, the reduction in consensus of 80 percent land owners to 66 percent is a welcome move and will make land aggregation process simpler," NAREDCO President Navin Raheja said in a statement.
However, Raheja said the compensation offered to land owners in the proposed bill would increase project cost and demanded that the government should rethink on this.
"The compensation amount of 2X for urban areas and 4X for rural areas is going to increase the cost of establishing projects. To benefit a particular segment of land owners, this cost would be borne by every Indian which should actually be reviewed and rethought once again," he added.
CREDAI President Lalit Jain said the consent formula arrived by the GoM is 'acceptable' but added that determination of price should be based on negotiations between buyers and sellers.