Chandigarh: Amid increasing number of cases of tussle between farmers and the states over land acquisition, Punjab has found support from farmers, whose land is being acquired for over Rs 250-crore housing project in Mohali, for its land pooling scheme. (Agencies)
Under the Land Pooling Scheme (LPS), farmers whose land being acquired would be given 1,000 square yards of residential plot and 100 square yards of commercial site against the acquisition of one acre of land for the upcoming housing project.
"Over 50 per cent of farmers, whose land will be acquired, have evinced interest in opting for our LPS instead of cash," Greater Mohali Development Authority (GMADA), Land Acquisition Collection, Hargunjit Kaur said here.
So far only two farmers have asked for cash compensation, she further said.
GMADA has announced to set up a residential housing project at Mullanpur, near Chandigarh, for which it would acquire 420 acres of land from about 200 farmers. It has announced cash compensation of between Rs 1.22 crore and Rs 1.30 crore per acre, one of the highest compensation in the country, for acquiring land from farmers.
GMADA would develop 2,200 plots of different sizes in the proposed urban estate of different sizes including 100,200, 500 etc square yards.
Though the rate of allotment of plots to prospective customers has still not been decided, yet the state owned land development authority is of the view that the allotment rate would be more than Rs 16,000 per square yard.
What has attracted the land oustees for opting LPS was the value of plots being offered by the GMADA which would be even higher than the cash compensation announced by the state authority.
The value of only residential (1,000 square yards) plot will be of Rs 1.60 crore which is higher than the cash compensation of Rs 1.30 crore announced by the GMADA. Moreover, the rate of commercial plot, which is still undecided, would also fetch lucrative amount to land oustees.
"If we see in totality, farmers will be in advantage if they go for LPS instead of cash award," a real estate analyst pointed out.
The opting for LPS by farmers will help GMADA by way of reducing its financial burden as; otherwise, it will have to rise over Rs 500 crore for payment of only land compensation from financial institutions.
LPS was introduced in 2008 in the state. However, it did not elicit good response from farmers for Airport and Aerocity projects. But state later enhanced the area of plots to be given in lieu of cash compensation.
Chandigarh: Amid increasing number of cases of tussle between farmers and the states over land acquisition, Punjab has found support from farmers, whose land is being acquired for over Rs 250-crore housing project in Mohali, for its land pooling scheme.