Benefits:
- Hassle free transfer of land to govt or govt approved projects from owners
- Hassle free transfer of land to govt or govt approved projects from farmers
- No loss to farmers in terms of income
- Encourages voluntary declaration of income from real estate or farm land
- Almost nullifies everlasting court battle between project owners or govt vs land owners or farmers
- Provides near accurate cost of kickstarting the project, especially aquiring land
Problem:
Whenever a new project, factory, manufacturing plant, roads or train tracks has to be laid down, there is always an ever lasting battle between the project owners and the land owners. This is because the land owners often undervalue their property value to the govt to put them in a lower tax bracket, which actually helps project owners to pay them less when they want to forcefully aquire that land.
Solution:
For farmers who have a CA certified, recorded income for that land with their pan card attached, during the aquisition, new land has to be offered to them elsewhere where for the next 10 years if their income for the new land is less than their previous land, then the govt has to pay the difference. Highest recorded income for that land in the last 5 year before his land was acquired will be taken as a reference point. Same or similar method should be used for real estate owners.