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Indian Real Estate News
Ficci for changes in Land Acquisition Bill
Source: PTI Sep 07, 2012
Expressing concern over high rehabilitation and resettlement (R&R) cost to be incurred by industry in the proposed Land Acquisition Bill,  Ficci today asked the government to make changes in the provision.
Without such changes it will not be viable for the industry to acquire or purchase land for manufacturing or infrastructure, the industry body said.
"The current R&R provisions of the Bill will put an unfavorable burden on the industry as it will escalate the land cost at least by three to four times if compared with the existing provisions of Land Acquisition Act 1894," Ficci President R V Kanoria said in a statement. Ficci hoped that the proposed Bill in its current form is not passed as the chamber thinks it would not be in the interest of overall economic development of the country, the statement said. Kanoria further said the definition of 'public purpose' needs to include industry/manufacturing, industrial zones like National Manufacturing and Investment Zones (NMIZs) and industrial corridors. By excluding industry and manufacturing from the definition, the objectives of National Manufacturing Policy cannot be achieved, he added. In a densely populated country like India, the government must necessarily have a facilitating role in land acquisition for the industry, Ficci said.

Tag: land acquisition bill, Ficci, indian real estate, realty trends, laws of real estate
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