Jan 1 taken as cut-off date for land prices by Odisha
The date January 1, 2014, has been fixed by the state government to evaluate the benchmark value of land. On the same day, the revised land acquisition law, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act (RFCTLAR&R), 2013, came into effect. Land acquisition cases initiated before 2014 will be finalised using this date.
The provision of the new law states that the prices of the land must be taken into account from the date of the issue of initial land acquisition notification. However, the instructions are not clear as to which date to be considered as cutoff date as per the revised law where the land acquisition process has already been initiated and price finalisation notice has not been served by the end of December, 2013. Additional chief secretary (revenue) Tara Dutt in a circular to all collectors last month clarifies that in such cases, it would be most appropriate to accept the date of coming into force of the RFCTLAR&R, 2013, as the cut-off date for determination of market value of land in those land acquisition cases initiated prior to December 31, 2013.
For private land to be acquired for government or private projects, better compensation has been provided under the act which includes calculation of 12 per cent increase of land price every year from the date of price notice along with all other immovable property prices on the land such as trees and houses. Moreover, the land losers will be entitled to receive 100 percent solatium. Collectors have been asked by the government to submit data for showing the inventory of land acquisition processes that has not been completed. Land acquisition process is now costlier due to this act. Land acquisition for Posco, Essar, Jindal Steel and Power Ltd, Tata Steel and power projects such as Odisha Ultra Mega Power Project is covered under the earlier act. However, new projects might feel the heat as it would be costlier to acquire land.
Source: Business Standard
benchmark value of land, Essar, Jindal Steel, land acquisition, Land Acquisition Odisha, land prices Odisha, Odhisha, Posco, resettlement, Right to Fair Compensation, Tata Steel, ultra mega power
