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Seeking Middle GroundLand, Markets, and Public Policy$
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Sanjoy Chakravorty and Amitendu Palit

Print publication date: 2019

Print ISBN-13: 9780199495450

Published to Oxford Scholarship Online: May 2020

DOI: 10.1093/oso/9780199495450.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 07 December 2021

Towards a Market for Land in India

Towards a Market for Land in India

Post-LARR Development Makes It Necessary

(p.233) 11 Towards a Market for Land in India
Seeking Middle Ground

Subhomoy Bhattacharjee

Oxford University Press

Years after the Government of India (GOI) has notified the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 there is still uncertainty on how land should be acquired. India still has no national market for land. The absence of such a market makes it difficult to set an efficient and transparent price for land. Its absence makes those who have the smallest parcels of it more vulnerable as the cost of inefficiency are borne by them disproportionately reducing the welfare outcomes for the economy. Also government agencies hold the largest block of land in the country, not as a sovereign entity but as a business entity. These abundant holdings create incentive for interested parties to game the system to get preferential access to those land parcels, instead of buying the same at a discovered price from the market. Thus, the policy of non-market-based allocation of land breeds corruption.

Keywords:   land market, land acquisition, land pricing, supreme court, livelihood security

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