The Cabinet has cleared a new law, which raises compensation for land acquired by government to three times the property’s price, reports bdnews24.com
The draft has been forwarded to the law ministry for further scrutiny before tabling in the Cabinet for the final approval.
Cabinet Secretary Mohammad Shafiul Alam said the existing regulation provided for compensation at one and a half time higher than the market value of the land.
That will double now, putting the compensation at three times the market value of the land.
“It means if a property is valued at Tk 10 million, the compensation will come to Tk 30 million,” he told reporters after the meeting.
Alam said a property’s value will be determined taking in consideration of an area’s average land price in the last 12 months.
The government acquires land according to an ordinance issued in 1982.
The cabinet secretary said the ordinance by a past military regime was being translated into Bangla, following a court order, and made into a new law after doubling the compensation.
The law minister has been put in charge of finalising and presenting the draft of ‘Acquisition and Requisition of Immovable Property Act’ for Cabinet approval.
Considering the law’s ‘complexity’, a committee has been formed with the land secretary and defence secretary as members.
The committee headed by the law minister may induct more members.
“The law touches serious matters of public interest. So the law minister has been tasked with examining it in detail,” said Shafiul.
In order to clarify the causes for requisitioning a land, the law will include clear definitions for ‘public purpose’ and ‘public interest’, he said.
“These meanings are not fully conveyed in the way those two terms have been used in the draft. The High Court wants elaborate explanations.”