The contentious Land Acquisition Bill, that has been a talking point since 2013, was finally introduced in the house with some amendments by the present government and has met the acclaim for some parts. Some amendments made to the bill are aimed at developing infrastructure, real estate and facilitating industries. One of the highlights of the Bill is that the new amendments will help the companies stuck out in land acquisition, by making the process easier.
The Land Acquisition Bill 2015 will act as a great boon for real estate sector. It will directly affect the real estate in India, because it will make the process of land acquisition easy, so that the acquired land can be used in development of industrial areas and major highways and expressways. This Bill affects the real estate business, especially the planned infrastructures like roads, airports and residential housing projects in India.
Earlier projects got delayed because of the amendments and bylaws, this delay caused for projects getting stalled and some of them were totally wiped out. With the inclusion of the new act, things will move faster, companies can assess the land and build new projects. This new Bill will directly benefit the real estate industry as it will see a big boom with an increase in number of projects and the passing of land for ongoing projects in India. The new Bill gives the companies to directly negotiate with the seller, and avoid a lot of red tape, and a lot of government paper work. This will help for the deals to mature faster and the work to be carried on smoothly.
The Bill also takes care of the person whose land is acquired, by making sure of rehabilitation and job opportunity. The Bill of 2015 is a great economy booster and a blessing for the real estate sector. Projects which were stalled or delayed will now reach completion and new projects will be easier to begin. This is also a great push for the infrastructure section and governments ‘housing For All’ scheme.
The Bill has helped a gamut of infrastructure projects which could not meet their completion timeline because of land acquisition, important industrial corridors like DMIC [Delhi-Mumbai Industrial Corridor], CBIC, AKFC, will now be underway. The Bill is good for the farmer and the realty sector as both are benefitted.
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