Mumbai: The recent Land Acquisition Bill has given rise to a host of controversies. CREDAI, the developers’ apex body has also come to agree that the Bill will push up property prices and will act as a deterrent to the country’s progress rather than encouraging it to grow.CREDAI Chairman, Lalit Kumar Jain who is also the CMD of Kumar Urban development Limited (KUL) said that developers will be hard hit by the provisions in the Bill. According to the Bill a compensation amount of 2-4 times the market price of the land will have to be paid and 70-80% consent on private or private-public property (PPP) will be required to acquire any land. But during the Mumbai Slum rehabilitation, a bid to acquire 70% consent has already resulted in the intervention of the land mafia and political parties, leaving the matter worse than better. Jain fears that the same thing will be repeated in acquiring land elsewhere if the terms of the policy are kept unchanged.All projects including infrastructure projects will cost a lot higher due to the price that developers will have to pay in this new scheme for land acquisition. Other aspects like ecological impact assessment, environmental impact assessment, and social impact assessments will add to the delay and complications in real estate projects. Jain also said that the rehabilitation package fails to make any sense in case of land that is privately acquired at a negotiated price.The new policy will fill real estate projects with uncertainty. There is a great possibility that the farmers, for whose benefit the Land Bill has been passed in the first place will remain deprived while the middlemen who will force out the 70% consent will walk away with the profit.Jain suggested that instead of the present terms of the Bill, the government should take care that the land owners can become a part of the development project and compensation should be paid to them in the form of plots in the developed project. If the terms of the present policy are not changed then very few projects will be completed and it will become impossible to execute large projects without dishonest means. And the delays caused in the process will set the country back by almost 20 years. Moreover there will be no affordable houses as land prices will be too much to make any house affordable. займ на карту без отказов круглосуточновзять кредит онлайн