The bill will be presented to President Pranab Mukherjee for his assent.
The Rajya Sabha on Wednesday passed the Land Acquisition Bill which is seen as yet another populist legislation ahead of an election year mooted by the Congress-led United Progressive Alliance (UPA) government.
The bill was sent to the Lok Sabha for its consideration as four amendments sought by the government were approved in the Upper House of the Indian Parliament.
It was earlier passed by the Lok Sabha on Aug 29.
The bill seeks to replace the Land Acquisition Act, 1894.
The bill states that the consent of 80 percent of land owners concerned is needed for acquiring land for private projects and of 70 percent landowners for public-private projects.
It proposes that up to four times the market value should be paid to farmers and landowners in return of the land acquired in rural areas and two times the market value in urban areas.
--IBNS (Posted on 05-09-2013)