Property acquisition is a method through which the government (kingdom or union) might acquire private land for the sake of infrastructure development, urbanization, or industrialization.
In exchange, the government gives the landowner a fair compensation based on market value and may be responsible for the rehabilitation and relocation of the affected landowners. The Land Purchase Act of 2013 supervises and regulates the whole process of land acquisition. The Act establishes the possibility of providing honest recompense to landowners, introducing transparency to the system, and directing the government to rehabilitate those who have been harmed the most as a result of their land being taken away.
The Land Acquisition Act’s Goal
- To provide a transparent process for procuring land, in consultation with all stakeholders and local governing entities.
- To ensure that the current population is displaced as little as possible while proudly holding or remaining on the property.
- To provide fair compensation to those whose livelihoods have been harmed or whose land has been acquired as a result of land acquisition.
- To provide adequate provisions for the rehabilitation and relocation of impacted households.
The Land Acquisition Act’s provisions and purpose
- According to the Act, the Indian government (kingdom, in addition to valuable) can acquire property for its use, for public zone agencies, or for a ‘public cause,’ which can include any of the following:
- For any work related to India’s or national security or defense offerings, including navy, military, air force, or other armed forces, that falls within the jurisdiction of the kingdom or valuable authorities.
- Except for private hospitals, private educational institutions, and private hotels, for the construction of public infrastructure.
- For any project involving agriculture or related businesses, such as dairy, fishery, or meat processing, that is held by the government or farmer cooperatives.
- For business corridors, production zones, and other duties outlined in the National Manufacturing Policy. This can also include mining operations.
- Water harvesting, conservation shaping activities, and planned improvement or growth of village areas are all possible options.
- For educational and research institutes that are aided by the government.
- In rural and urban regions, for purposeful improvement, including increasing housing chores for the disadvantaged portions.
- For expanding residential duties for the poor or landless, or people afflicted by natural disasters.
Section 26 of the Act provides for compensation for landowners. It lays out the suggested minimum reimbursement, which is mostly based on multiples of the market price. In most cases, the market value of the land acquired in rural and urban regions is increased by a factor of one every of times. The usual sale price for comparable types of property situated within the local village or region area is used to determine the market value of the land. This selling fee is calculated by taking into account one-half of the total number of sale deeds or agreements to sell, where the best price has been specified.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.