Monday, 27 April 2015

Land acquisition act is pro-development, deserves support: NAREDCO

Amendments in the Land Acquisition Act, 2013 by the Union Govt. is a major improvement of the earlier Act., is pro-farmer with provision of higher compensation and assured jobs which is expected to accelerate the pace of economic development in the country.

The changes allow a fast track land acquisition process for affordable housing as well in the country to provide ‘Housing for All by 2022’ stated Mr Navin Raheja, Chairman, National Real Estate Development Council (NAREDCO) .

Further to accelerate economic growth and create new employment, land acquisition for construction of industrial corridors, PPP and infrastructure projects speedily without being embroiled in delays, plugging loopholes in the earlier Land Acquisition Act, 2013 have been carried out. The clause providing   time frame for completion of projects on acquired land fixes responsibility of the Govt. agencies to complete the project on time and this is an important improvement on the earlier law, explained Mr Raheja.

It is significant that for the first time since the archaic Land Law of 1894, 13 Acts which have been most commonly used to acquire land have been added to the new Act now. These acts are applicable for national highways, railways including metro rail, electricity related projects etc.

NAREDCO therefore welcomes the positive initiative of the Govt. aimed at accelerating economic growth to 8-9 percent in the coming years which has inherent advantage to benefit farmers and urban dwellers alike.

At the same time, the flip side to the new law is higher compensation  to farmers as it shall substantially increase the cost of infrastructure  projects at a time of scarce public funding.

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