by Mr. Mayank
Saksena, Jones Lang LaSalle India
The proposed Land
Acquisition and Rehabilitation and Resettlement Bill (LARRB) seeks to stipulate
that a consensus of at least 80 per cent of the land owners is required for any
private project. The percentage becomes 70 per cent if the land is to be
developed under PPP (public private partnership). Any Government-undertaken
project does not require such a consensus.
The LARR Bill further
stipulates that if the land is being acquired for urbanization purposes, the
Government needs to set aside 20 per cent of the land for the person who is
parting with the land. It also says that any unutilized land has to be returned
to the land owner. These are certainly positives and in line with the larger
purposes that the Bill seeks to address.
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| Mayank Saksena, JLL India |
Award of
Compensation..!
One point of doubt
would be that the proposed Bill says that the provisions would be applied
retrospectively if the award of compensation has not yet been made.
By award of compensation,
one would assume that the land owner has actually received the funds into his
bank account. If the land owner in question has not accepted or otherwise
received payment, it does not count as award of compensation.
The implication is
that if the land owner has not received compensation for any reason at all, he
can bargain for a higher price and thereby hold up the process and also
contribute to further land inflation.
The Bill further
states that the entire process of land acquisition & award of compensation
needs to be completed within five (5) years of date of proposal, else the
transaction stands cancelled. While it all seems positive on the surface, the
fact is that there is also potential for even more uncertainty in the process
of land acquisition.
Fair and Timely
Compensation..!
The idea of the Bill
was to ensure that land owners get fair and timely compensation & also
resettlement options. However, it would need further tweaking to ensure that
there is no potential for land owners to drive up land prices in the bargain -
which, in turn, would mean that the cost of the finished products also rises.
About the author...!
Mr. Mayank Saksena is
Managing Director (Kolkata) & Head (Land Services) at Jones Lang LaSalle
India
Contact:
Mayank Saksena,
Managing Director – Kolkata
Ph: +91 33 2227 3293,
Email: mayank.saksena@ap.jll.com
For More details..!
Mr. Arun Chitnis -
Assistant Vice President, Marketing
Jones Lang Lasalle
India
Level 6, Amar Avinash
Corporate Plaza
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Pune - 411001.
Tel: (020) 30930441
Fax: (020) 40196101
Mob: +91 932273846
Email:
Arun.Chitnis@ap.jll.com>
Website:
www.joneslanglasalle.co.in
Blog:
www.joneslanglasalleblog.com/realestatecompass
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