Cost of property will increase in NCR
Cost of residential properties in NCR will increase by 50 percent as land would become costlier once Parliament passes the proposed Land Acquisition Bill.
Under the proposed Bill, the development authorities would be forced to hike the land rates substantially. As a result, the prices of janta flats, two, three and four bed room apartments in the NCR may increase
Real estate developers have said the Bill passed by the Cabinet would make land costlier by up to 80% due to higher compensation offered to farmers, thus, adversely affecting the housing development in the country.
Under the proposed Act, developers would have to pay four times more than the market value to land owners in rural areas and two times in the urban areas.
This is only going to increase the cost of setting up the industrial establishments, infrastructural projects and townships in India.
According to the builders this policy would adversely affect the real estate development as additional burden of land cost will make housing expensive. Thus, there is a need to look into it rationally.
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Source: Business Standard
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