New land acquisitions bill severely affecting realty sector

By AT Bureau
Due to the new norms which have been proposed by the Union Cabinet could make a huge gap between the demand and supply of land. According to the reports of last three years “hefty reparation has been paid more than the four times of registered sale in the area”, even due to this the cost of setting up the industrial establishments, infrastructural projects and townships, believe real estate firms is going high.
According to the market experts “if proposed will be passed in the same form then certainly it will severely affect to the construction industry as well as affordable housing will remain a dream for Aam Aadmi.”
The new proposed bill will replace to 117 year old Land Acquisition Bill of 1894. According to the new Bill which has been produced in the parliament, means private realty firms have to provide rehabilitation packages to relocated people even if they directly buy land from landowners, for all transactions over 50 acres in urban areas and 100 acres in rural areas.
Yet realty firm haven’t shown their interest in the proposed bill, but the Confederation of Indian Industry (CII) has already appreciated the Land Acquisition Bill, according to CII that the proposed value would make land cost economically unviable for industries.