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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, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use.date: 27 January 2022

Land in India

Land in India

Meddling in Muddled Markets

(p.250) 12 Land in India
Seeking Middle Ground

Amitendu Palit

Oxford University Press

Land markets in India continue the elusive search for price discovery as determined by market forces. The LARR of 2013 has planted a floor on land prices. The role of state governments has become central to acquisition, or purchase, of land as a financially weak private industry has little access to credit. Outright purchase of land is stressing state finances and creating perverse incentives for hoarding. As states seek to work out their own land rules, it is essential for them to converge to a common ground for amending the jagged edges of LARR 2013. Major political parties like BJP and Congress should abandon the political optics of upholding LARR 2013 just on ‘pro-farmer’ grounds and work with states in a politically neutral fashion to seek such ground. Innovative ideas like whether bringing in land and real estate within GST can improve land purchase capacities must also be examined.

Keywords:   land markets, price, LARR, compensation, incentives

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