Loksabha Passes Immovable Property (Amendment), Bill

New Delhi Dec 21: The Lokasabha on Thursday passed The Immovable Property (Amendment), Bill.The bill was introduced in the Monsoon session of the house. The bill amends the regulations governing compensation payable for acquisition of immovable property by the Centre for defense and security purposes.

Replying to the discussion on the bill Minister of Urban Development Minister Hardeep Singh Puri has said that "the law has been amended eleven times earlier.This is the 12th amendment and the amendment has been brought for the limited and specific purpose."

The Minister had said that there could be situations resulting in prolonged litigations and if the apex court quashes the notice of acquisition, there might be an astronomical hike in compensation amount on account of market value appreciation and this bill would ensure such situations don't arise.

The bill enables the central government to re-issue the notice of acquisition to the owner or such other person interested in the property, for the purpose of giving an opportunity of being heard.