The new rates as per second revision of the policy, that came into effect in November 2010, will apply to both state and central government as well as private acquisition of land for new projects in the state. Farmers will get a dividend by way of a no-litigation incentive, working out to about 20% of the minimum floor rate (MFR), and payable over and above the MFR to those land owners who undertake not to go in for litigation. It implies that two of the major promoters - Reliance Industries and Sabeer Bhatia group will have to churn out extra money for acquiring land for their projects RIL's SEZ at Jhajjar/Gurgaon and Sabeer Bhatia's nanocity at Raipur Rani in Haryana respectively.
A senior official of industries department told FE that the state has now been divided into five zonal brackets, instead of three under the old policy, for the purpose of computing the MFR. He elaborated that for the land situated in the notified limits of Gurgaon municipal corporation the floor rates payable will be Rs 40 lakh per acre, up from Rs 22 lakh per acre earlier. The rates were announced in November with a retrospective effect from September 7, 2010. As a result any land owner whose land is acquired in Gurgaon will get Rs 72 lakh per acre compensation after adding the statutory amount of interest and 30 per cent solatium. Similarly for those whose land is situated within the notified limits of Faridabad and Panchkula municipal corporations the rate of acquisition will be Rs 30 lakh per acre, up from Rs 16 lakh per acre. The rates will also apply in areas forming part of the development plans of Gurgaon maneswar Urban Complex, Sohna and Sonepat-Kundli Urban Complex. Together with interest and Solatium the total compensation would go up to Rs 54 lakh.
In the areas situated within the development plans of Bahadurgarh, Rohtak, Rewari, Dharuhera, Bawal and Panipat the rates have been hiked from Rs 16 lakh to Rs 25 lakh which will add up to Rs 45 lakh with interest and Solatium. In the rest of the National Capital Region (NCR), areas situated outside the limits of Panchkula Municipal corporation in Panchkula diostrict and the land situated within the Develpment Plans of all other district headquarters outside the NCR the land acquisition rate has been hiked from the existing Rs 16 lakh to Rs 20 lakh which will add up to a total of Rs 36 lakh. In the remaining parts of the state the land acquisition rate has been hiked from the existing Rs 8 lakh to Rs 12 lakh, which will add up to Rs 21.60 lakh eventually.