Government set to make Land Acquisition Easier :
The amended land acquisition act could create more opportunities for the industry as well as provide more room for growth.
The government of India is set to make the whole process of land acquisition a smooth proposition, rather than a tough one at the moment. Reiterating the same, Union Minister Nirmala Sitharaman has said that the government will take all the measures in consulting all the stakeholders to make the land acquisition law a great enabler for the overall real estate ecosystem.
It is important to note that various corners of the industry have been voicing their concerns on the existing Land Acquisition Act that is making it almost impossible for the industries to acquire new land and hence coming in front of the industry will to expand operations and increase on their productivity quotient.
In such a scenario, a change in such an act will be seen as a big enabler to create an ecosystem that supports industry initiatives and creates more opportunities for the growth of the industry stakeholders as well.
The Land Acquisition Bill, is looking forward to set a fair compensation regime for agricultural land being taken over for industrial projects. However, on the other hand, there have been concerns from various industry quarters about how the law has made land acquisition a very cumbersome process and was also contributing towards the slow progress of the projects.
Taking a cue from the above situation, the Rural Development Ministry has already suggested a number of amendments to the Land Acquisition Act that will funnel down provisions such as mandatory consent of at least 70 percent locals for acquiring land for a PPP (Public, Private, Partnership) project, and 80 percent for private projects.
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