The industry fears that the new land acquisition bill will rocket the property prices up. This will affect the affordable housing segment very badly.
Land acquisition bill recently received the consensus of all parties. This was after the bill has undergone vast changes and amendments from its first form.
The land acquisition bill may give reasons to the farmers. At the same time, it gives more reasons to those who do not own any piece of land and are looking for an affordable housing unit.
With the land bill, the rights of the land owners and the farmers will be increased. However, according to the industry experts, this will result in the hike of property prices.
As the builders are forced to pay higher amounts to the farmers in the form of compensation, they will charge this additional cost on the shoulders of the property buyers.
It means that the property prices will reach newer heights with land acquisition bill, if it is passed.
It is likely to get through the parliament as the bill has already received the consensus of all parties. It received the consensus once the proposal of BJP to raise the farmers’ compensation by 50%. It was one of their key demands.
The bill, once passed and implemented, will leave severe impact on the affordable housing segment. The property prices are on the verge of a hike and this will make home owning more difficult for the lower income class group.
The government is now planning to present the bill in the parliament. Most probably it will be presented in the second section of the ongoing budget session.
As all the parties have expressed their consent over the bill, the presentation in the parliament is expected only to be a formality. The land acquisition bill holds all chances to get through the parliament. However the after-effect will be visible only when the bill is implemented.
