Until the new land acquisition bill of the Union government comes into place, the Maharashtra government has laid down rules to compensate land owners, in a bid to get stalled projects moving.
Many projects in the state, including the Navi Mumbai airport, Delhi-Mumbai industrial corridor and the Jaitapur nuclear power plant, have been stuck because of the difference in compensation rates of the Centre, state and private players, leading to huge cost escalations.
On Tuesday, the state issued a government resolution (GR), which says the land owner should get 25% more compensation, over and above the amount that will be calculated under the land acquisition act of 2013.
This is likely to work as a stop-gap arrangement. The GR says the amount should be ideally paid in one full instalment to all land owners, but if it is to be paid in parts, owners should get 50% of the amount in the first instalment — when the land deal is finalised – and the remaining 50% in annuity (annual instalments).