The Delhi Cabinet on Monday decided to increase the rates of land acquisition in the capital by 12 to 13 per cent.
The rate for acquisition of agricultural land has been hiked from Rs 22.83 lakh (Rs 2.283 million) per acre to Rs 24.94 lakh (Rs 2.494 million) per acre, Delhi Urban Development Minister told reporters after the Cabinet meeting chaired by Chief Minister Sheila Dikshit.
This is an increase of 12 per cent, Walia said.
As for river bed land along side the Yamuna, the Cabinet decided that the rate for acquisition should be increased from Rs 716,000 per acre to Rs 809,000 per acre, an increase of 13 per cent.
The new rates will be applicable from Monday, the minister said, adding that the step had been taken in view of the decrease in the bank interest rates as suggested by the urban development department.
However, the department had recommended a hike of 8 to 10 per cent, he said.
The last time the land acquisition rates were increased in 2001.