Land Law changes for boost of Affordable Housing

Bangalore: As a New Year gift, the NDA government unveiled an amendment to land Acquisition Act, which will provide a major boost to affordable housing and it also speed up the PM Modi’s ambitious plan Housing for all by 2022.  

PM Narendra Modi said the changes in the land law is essential to make sure the faster processing without conceding on liberation and rehabilitation measures for farmers. The real estate industry embraced the government’s decision and saying that this land law will boost the affordable housing construction.

The real estate developers like Prestige Group, Tata Housing, Omkar realtors, Parsvnath developers and many other builders suppose that the change will lay concrete on the way to simplifying the land acquisition procedures.

The government order to balance the industrial growth and farmers’ interest will ease the norms for inordinate delays in the land acquisition process for the development of affordable housing, large scale infrastructure and housing for the poor as it includes the removal of the assent clause of acquiring land for construction of affordable housing.

Arun Jaitley said five sectors namely defense, rural infrastructure, Housing for poor projects, Affordable housing and industrial corridors and social infrastructure would be exempted from few prerequisites of existing law.

The MD and CEO of Tata Housing Development said “land acquisition is the big stumbling block for developers. The land law amendment listed for affordable housing and infrastructures will faster the execution of the project and it also boosts the affordable housing development with necessary support such as road connectivity, infrastructure, social infrastructure, electrification and many others.”

The land law change passed by the government had enforced numerous limitations to protect the land owners’ interest.

After the existence of new government many states have requested PM Narendra Modi to revamp the land law. The change in land law will make easier the land acquisition and get rid the assent of 80 percent landowners.