Key Points
New Delhi: The Supreme Courts ruling earlier this month that not all private property can be acquired by the government under the pretext of public good has undone a historical wrong that saw farmers receive ridiculously low prices for their land, according to real estate developer DLFs chairman emeritus K. P..
He said the old mindset of think small and that the public sector should handle real estate development set in motion the rise of unauthorised real estate developers and fly-by-night operators, bringing disrepute to the sector...
Many of these issues are only now being set right, through steps like the SCs decision and the Narendra Modi governments enactment of the Real Estate (Regulation and Development) Act, 2016, he added...
Compounding this thinking, Singh said, was a belief in the government that the only way to reduce the price of housing and ensure that farmers were paid fairly for their land was to make real estate development the sole prerogative of public sector development authorities, such as with the Delhi Development Authority Rules, 1958...
This mistake led to the exact opposite of what the government wanted, he said.. Farmers land was acquired at ridiculously low prices, which has been set right only now by the Chandrachud judgment, which said that now when you acquire land, you have to pay the real market value and not at low prices that they then pay to the farmers after 20 years, he added...
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