Even as the Capital Region Development Authority (CRDA) signed development agreements (DA) with farmers who surrendered their lands, the government is yet to respond to the demand for issue of ‘buyback bonds’ to farmers who have spared their land.
There are apprehensions among farmers that the government’s oral assurance that reconstituted plots could fetch Rs. 1 lakh a square yard may not translate into reality if it fails to stick to its plans to build the capital in five years.
Curiously, the CRDA, which is the final arbiter of all disputes, can cancel the DA at any point of time without ascribing any reason.
CRDA officials, however, maintain that any official comment on land prices after the commencement of capital construction would fuel speculation.
Agreement
Under the Land Pooling Scheme (LPS), land owners first give consent and subsequently, the development agreement/power of attorney is executed for transfer of ownership rights to the CRDA. If the owners sign DA/PoA, the CRDA can take immediate possession of the land.
Mr. M.G. Devasahayam, who headed the NAPM Fact-finding Committee on Land pooling, says all that the farmer gets is a Land Pooling Ownership Certificate (LPOC) with an oral assurance that the reconstituted plots can fetch Rs. 1 lakh a square yard in five years. “This is neither a legal document nor a guarantee,” he says.
So, while executing DA/PoA with land owners who have given consent, the CRDA should give a buyback bond for Rs. 1 lakh a square yard, guaranteed and underwritten by the government and redeemable on expiry of five years from the date of signing of the DA/PoA, he adds.
