The government’s recent bill to control the property transaction scam is facing a strong opposition from the Industry leaders of the real estate. According to the core team of realty business in Indian it will mutually effect the both government and the private builders as well for various industrial, urbanization and infrastructural projects if the proposed bill of land acquisition been implemented. The upcoming bill should strengthen the relation between the buyers, land sellers, developers and government but on the other hand the proposed bill will create more difference between all the teams creating a more chaotic situation in the future according to the leaders. It has chance to give rise to more property based conflict taking account the norms of the proposed bill. The main set back of the proposed bill as pointed by the developer team is the much higher cost payment to the land owners as compared to the current market value of the that particular property. Secondly, making the developers responsible for the rehabilitation and resettlement of shifting members apart from giving a share of equity or else they should be provided with job at least for 26 years.
Another team of the realty segment says that it is not a fair solution towards the property scam around the country. The proposed bill is appropriate only in the case of forcible land acquisition but there is no particular provisions if someone sells his property willingly to any developer of to the government. The proposed land acquisition bill – 2011 also reflects the involvement of the government incase of the land exceeds the area of 100 and 50 acres in rural and urban respectively which nothing but getting some extra currency under the table for the government officials.
Source: NIMMA BENGALURU
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