Land Acquisition Act To Be Amended: Compensation At Market Rates
With effect from 12 February 2007, the government will pay market rates for all properties acquired under the Land Acquisition Act. The Land Acquisition (Amendment) Bill was tabled in Parliament today.
Previously, the compensation was benchmarked as at 1 January 1995, when property prices were at their peak.
Under the proposed amendments, the compensation will take into consideration factors like the property's location, improvement works done to the property by the owner and upgrading works surrounding the property carried out by the government.
Previously, the compensation was benchmarked as at 1 January 1995, when property prices were at their peak.
Under the proposed amendments, the compensation will take into consideration factors like the property's location, improvement works done to the property by the owner and upgrading works surrounding the property carried out by the government.
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