Land Bill Seeks Mean
Land Bill Seeks Mean
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Home Page > Finance > Taxes > Land Bill Seeks Mean
Land Bill Seeks Mean
Posted: Feb 04, 2012 |Comments: 0
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The process of acquiring agricultural land for development, as seen in the case of Noida extension, resulted in a tussle between the land owners and the government. This, in turn, affected the home buyers who had booked flats in the upcoming projects. The government is now trying to implement a law, to prevent such cases in future. The Land Acquisition Bill, which seeks to lay down the guidelines for the increased compensation to the landowners, has been approved by the Union Cabinet. Now, it’s being debated in Parliament and then it will go to the standing committee. The Bill aims to make the land acquisition process transparent and ensure proper rehabili rehabilitation of the original owners. The new draft is renamed as the National Land Acquisition and Rehabilitation & Resettlement (LARR) Bill, 2011. The LARR Bill has been divided into two sections—Land Acquisition (LA) and Rehabilitation & Resettlement (R&R). The LA provisions will apply to the government acquired lands. While the private companies acquiring over 100 acres of land in rural areas and 50 acres in urban areas will have to follow the R&R provisions. The government can acquire a tract land only if 80 per cent of the families affected by the project give their consent. The “urgency clause” can be introduced if the land is acquired for the national defence and security purpose, R&R needs in the event of emergencies, or natural calamities, or to be exercised in the ‘rarest of rare’ cases. According to the rural development minister, Jairam Ramesh, the Bill strikes a balance between social benefi ts and economic growth, but most real estate developers are not convinced. “They are putting everything in the same bill,” says Kumar Gera, chairman and MD, Gera Developments, a Mumbaibased real estate developer. The need for rural areas is not the same as that in urban areas, he added. The Bill aims to protect those who depend on agriculture. In urban areas there are many who hold over 50-100 acres, but do not depend on the income from land. The R&R entitlements for private companies will impact capital values. “It will make land acquisition expensive for developers,” says Vivek Seth, managing director, V Square Development Company, a Gurgaon-based real estate development and marketing company. Eventually, the burden of these enhanced expenditure will get transferred to the ultimate end-user. R&R ENTITLEMENTS To acquire land over 100 acres, private companies need to fulfil the R&R entitlements. The entitlements provided to land owners are: Subsistence allowance at Rs 3,000 per month per family for 12 months. Rs 2,000 per month per family as annuity for 20 years, with appropriate index for inflation. If house is lost, a constructed house of plinth area 150 sq. metre of house site in rural areas, or 50 sq. metre plinth area in urban area. f land is acquired for urbanisation, 20 per cent of the developed land will be offered to land owners in proportion to the and acquired. Upon every transfer of land within 10 years of the date of acquisition, 20 per cent of the appreciated value shall be shared with the owner. Job should be given to, at least, one member per affected family, or Rs 2 lakh should be off ered if anyemployment is not provided.
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