- There is overwhelming need to surmount the trust deficit between the government, businesses and civil society, and between land sellers and buyers to overcome land-based conflict
- Both private sector and government projects will become difficult if proposed land acquisition bill is passed
- Industry leaders want many provisions in proposed legislation amended
Mumbai, India, 14 November 2011 – If a proposed law on acquisition of land is passed, it will be a setback to industrial, infrastructure and urbanization projects, business leaders said at the World Economic Forum’s India Economic Forum today.
Representatives of industry criticized many provisions of the law, including its mandate on purchase price to be several times the current market rate, the provision that buyers are responsible for rehabilitation and resettlement of those displaced, including giving them a share of equity or jobs for 26 years. “We believe it is not fair. If there is forcible land acquisition, it should be difficult and expensive,” Priya Hiranandani-Vandrevala, Founder and Chairman, Hirco Group, India, said, adding that it is unfair that the same provisions on pricing and rehabilitation should apply when land is sold voluntarily.
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