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The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (also Land Acquisition Act, 2013 or LARR Act [1] or RFCTLARR Act [2]) is an Act of Indian Parliament that regulates land acquisition and lays down the procedure and rules for granting compensation, rehabilitation and resettlement to the affected persons in India.
Market value is the prevailing, but not exclusive measure of determining the just compensation owed to a landowner under the Fifth Amendment. Fair Market Value is defined by appraisers as the most probable price, in terms of cash that would be paid by a willing buyer to a willing seller, each being fully informed of the property's good and bad features, with the property being exposed on the ...
A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and metrics of compensation.
The principal acts are the Lands Clauses Consolidation Act 1845 (8 & 9 Vict. c. 18), [30] the Land Compensation Act 1961, the Compulsory Purchase Act 1965, the Land Compensation Act 1973, [31] the Acquisition of Land Act 1981, part IX of the Town and Country Planning Act 1990, the Planning and Compensation Act 1991, and the Planning and ...
Land bonds are financial bonds used in many countries to satisfy, in whole or in part, the compensation payable by the government for compulsory acquisition of any land from private landowners. Land bonds are normally issued under the provisions of land bonds act of a state government or the central government.
State must pay compensation at the market value for such land, building or structure acquired (Inserted by Constitution, Seventeenth Amendment) Act, 1964, the same can be found in the earlier rulings when property right was a fundamental right (such as 1954 AIR 170, 1954 SCR 558, which propounded that the word "Compensation" deployed in Article ...
The calculation of compensation is also subject to the Scope of the Project Rule, which states that an increase or decrease in the property's market value as a result of the project for which the government is acquiring the land must be disregarded. Any use which is dependent on the government scheme must not be considered. [19]
The Fifth Amendment's Takings clause does not provide for the compensation of relocation expenses if the government takes a citizen's property. [1] Therefore, until 1962, citizens displaced by a federal project were guaranteed just compensation for the property taken by the government, but had no legal right or benefit for the expenses they paid to relocate.