Changes seek to make assessing land value easy
In a move that would make it easier to ascertain the accurate market value of land, the Ministry of Rural Development has readied draft amendments to the Registration Act, 1908. The move could have a significant impact on the Land Acquisition, Rehabilitation and Resettlement Bill.
The draft is currently being vetted by the Law Ministry, after which it would be sent for Cabinet approval. It has already been circulated to state governments and none has objected so far.
The proposed changes aim to ensure land values are regularly updated and recorded, enabling more accurate valuation of land. If the draft is accepted, it would make it easier to arrive at a more fair compensation to those whose land has been acquired.
The compensation to land acquired is a critical component of the land acquisition Bill. Currently, the compensation amount is a multiple of the market value of land ascertained through the ‘average of the top 50 per cent of the highest price sale deed’ in the last three years in the area.
The proposed changes include redefining lease to make it mandatory to register properties even if it is for a period below one year. Currently most landlord-tenant leases are drawn up for a period of 11 months.
According to the ministry, this clause has often been misused particularly in cases of disputes. However, each state will have the right to determine the minimum amount over which a lease has to be compulsorily registered.
Aiming to be more gender
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