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India – Real Estate Updates.

9 February, 2015

On December 31, 2014, through the exercise of limited legislative powers vested in it under the Constitution of India (i.e. during a period when Parliament is not in session), the Government of India introduced the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Ordinance, 2014 (‘Land Acquisition Ordinance’), which came into force with immediate effect to amend the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (‘Land Acquisition Act’). Some of the salient features of the Land Acquisition Ordinance are as follows:

 

i. Projects such as (i) those vital to national security; (ii) relating to rural infrastructure including electrification; (iii) affordable housing; (iv) industrial corridors; and (v) infrastructure and social infrastructure project (including projects under public private partnerships where the ownership of land continues to vest in the Government), are exempt from the requirement of the consent of 80% of land owners for acquisition of land by a private company for public purposes, and consent of 70% of land owners for acquisition of land for public-private partnership projects. These projects may also be exempted by the appropriate Government, in public interest, from the requirement of conducting a “social impact assessment” and “environment impact assessment” prior to acquisition.

 

ii. Section 101 of the Land Acquisition Act, which earlier provided for return of the land to the original owner(s) or their heirs or the ‘land bank’ of the appropriate Government by reversion, if the land acquired under the Land Acquisition Act remains unutilized for a period of 5 (five) years from the date of taking over possession, has been amended by the Land Acquisition Ordinance to state that the land will be returned if it remains unutilized for the period specified for setting up of any project or for 5 (five) years, whichever is later.

 

AZB

 

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com


Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com


Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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