The cabinet yesterday okayed a draft law which, once enacted, will entitle owners to compensation three times the market price of land if the state acquired it in public interest.
At the moment, the land owners get 1.5 times the market price.
The draft of “The Acquisition and Requisition of Immovable Property Act-2016” was approved at a weekly cabinet meeting at the Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
The cabinet formed a committee with the law minister as its convener and the secretaries to the land and defence ministries as its members to clarify terms like “public interest and public purpose” used in the draft law. The committee can also go for more members, if necessary.
Cabinet Secretary M Shafiul Alam told reporters after the meeting that the committee has been formed as the cabinet observed that the issue of land requisition is very complex and the terms used in the draft law needed to be explained more clearly.
Asked how land price is determined, he said the average value of the land purchased in the previous 12 months in an area concerned would be the value of the land at present.
"It means if the value of a property is Tk 1 crore now, the compensation will become Tk 3 crores," said Alam.
The cabinet also approved the “The Bangladesh College of Physicians and Surgeons Act-2016” aiming to improve healthcare services. Besides, it endorsed the “Palli Sanchay Bank (amendment) Ordinance, 2016” for placing it in parliament for making it a law.
The cabinet unanimously adopted a condolence motion at the death of former President of Cuba Fidel Castro who died on November 25 at the age of 90.