Expect cost of land acquisition to go up by 50%: MM

After the Union Cabinet cleared the land acquisition bill on Thursday, CNBC-TV18 spoke to Arun Nanda, director of Mahindra & Mahindra for his views on the bill. Nanda expects the cost of land acquisition to go up by 50 percent.

"The cost of land acquisition will go up because if you are looking at an industrial project, land costs are typically between 20-25 percent of the project, they are not 100 percent," Nanda adds.

Below is an edited transcript of Arun Nanda's interview on CNBC-TV18

Q: What are your initial thoughts on the land acquisition bill as the official bill is not yet on the PRS website?

A: This 80 percent worries me, because in our experience 10-15 percent people are not traceable at all because they have either migrated or the land records are not clear. On top of that, there are people who wait for an opportunity that we will play the decent role and then blackmail you into getting good prices. In a non-public private partnership (PPP) situation to get 80 percent consent from farmers, forget the cost part, is a cause of concern. 80 percent is a non-starter.

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