Land Loser has the right to make decision in Land Acquisition and Compensation

The new land acquisition law that has been enforced has comforted the landlords who have sold their land for public sector infrastructure projects in Bangalore City.

For example, if an agency requires a land of 2,000 Square Feet. in a location for any proposed public sector infrastructure project then the approaching agency should pay an average compensation cost existing in the area for an instance if land is required in MG Road, then the agency should Rs.27, 000 per Square Feet. as an average compensation keeping in mind the current market value and if it ranges between Rs.25, 000 and Rs.30, 000 per Square Feet.

Based on the new law, the land or property owner should get a compensation of Rs.54, 000 per Square Feet., as it says the land owner should get double the price of the market value. The new law also gives right to the land owner to argue with the approaching agency about the compensation cost if the land owner feels the deal is not fair. And, this dispute can be held at a proper platform solely formed by the government by providing documented substantiation.

The new law is regarded as favorable for farmers as the compensation cost for land owners is four times the market value and will also make sure that the land loser is provided with rehabilitation and resettlement. The provision in the new law also says that the land cannot be acquired without the approval of the land owners.

The idea of Transfer of Development Rights (TDR) under which the land owners can be given land as compensation instead of cost for the loss of land area that is acquired by the government for public purpose like for constructing flyovers, roadways and other infrastructure.

The new law in the foreseeable future may surely cause less conflict to a whole range of infrastructure projects in the row that includes road broadening, construction of flyovers and passageways, and elevated expressways.

Stipulation in the Law

• The new Land Acquisition Act says that in case the acquisition of land is less than 50 acres of area in cities and 100 acres in rural areas then the law will be discretionary.
• The TDR should be more attractive an approachable in such a way that land owners to choose TDR instead of compensation cost.

Adverse for Farm Sector

• Farm land will be gobbled through this new law.
• The compensation cost will attract the farmers to give away their lands.

Many farmers say that they don’t have any complaint to acquisition of land for Metro, rail, roads, and other necessary public sector projects by government. The government should also understand that no compensation can recover the food calamity in the anticipatable future.

Compensation for Land Loser

• Urban Areas - Compensation cost will be twice the market value of the property in addition to this 100 per cent solace on this amount.
• Rural Areas - Compensation cost will be four times the market value of the property
• Market Value - Value of the property registered at the sub-registrar offices, but it is still unclear in the market value whether the exiting market value or the regular market value will be considered.
• Discussions can he be held by the land owners if the deal is not fair and the discussion can be held in a forum formed by the government 

About The New Law

• The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013 has substituted the 120-year-old Land Acquisition Act of 1894
• The President approved the new Land Acquisition Bill on September 27, 2013
• The Bill was introduced as  the out-of-date 1894 Act underwent several inadequacies, such as the resettlement of the land loser
• Fair compensation and compulsory rehabilitation and resettlement (R&R) for the land loser
• A study should be conducted on the land acquiring agencies about their plan to use the land and how the land owners are rehabilitated and resettled.

To get regular updates about Real Estate Sector follow our Blog Bangalore Property Reviews