NEW DELHI: Real estate developers say the passage of the Land Acquisition Bill could push up property prices by as much as 30% in projects where land is yet to be acquired.
The Bill, passed by the Lok Sabha on Thursday, aims to provide higher compensation of four times the market value for land sold in rural areas and twice the market value for land in urban areas, among other benefits to land owners.
While developers agree that the Bill will increase transparency in land deals, they say the higher compensation to land owners could make several real estate projects unviable. While large projects of over 50 acres will become difficult to execute, even prices of smaller parcels of land that do not come under the purview of the Bill could double, they add.
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