The council of ministers in Haryana will introduce a land pool scheme for land acquired by state agencies on July 20.
As per the proposal, the landowner whose land is acquired for the development of a residential sector can seek compensation in the form of developed plots from the Haryana Urban Development Authority (HUDA).
In case of land being acquired for developing an industrial estate, the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) will compensate the land loser.
Otherwise, the landowner can also accept monetary compensation (under provision of the Land Acquisition Act, 1894) along with non-statutory benefits under the resettlement and rehabilitation (R&R) policy of the state government.
The proposed policy says that landowners who go for developed sites/plots in lieu of compensation will give their consent within four months of notification of Section 4 of the Act and enter into an agreement within the next two months.
The proposed scheme says that the landowner will be provided a developed residential site in the form of a 1,000 square-yard plot and 100 square yards commercial site for each acre acquired.
In cases where the land is less than an acre, the developed sites or plots will be given in proportion to the land acquired. For every acre of land acquired for the development of industrial estates, the land loser will be provided 1,200 square-yard industrial plots.
The allotment of plots will be of standard size as per HUDA and HSIIDC norms.
Officials stated that despite the introduction of minimum floor rates and the R&R policy, several land losers were dissatisfied with the financial returns they got.
"There is a perception that government agencies such as HUDA and HSIIDC sell plots at far higher rates compared to the compensation given for land acquisition. Also, land acquisitions are often mired in prolonged litigations, leading to non-availability of land with HUDA for the development of residential sectors. This scheme seeks to cut down all this," an official said.
As per the proposed modalities of the scheme, landowners opting for land pool will also have the option of receiving a partial initial upfront amount equal to the floor rates of the area and seek developed plots as per entitlement. However, the landowner will have to return the upfront amount to HUDA/HSIIDC along with a simple interest of 9% per annum. The allotment or transfer of developed sites to the landowners who have given their consent will not attract stamp duty.