Government today introduced the Requisitioning and Acquisition of Immovable Property (Amendment), Bill 2017 in the Lok Sabha. <br/><br/>The bill intends to rationalize the lacunae in the existing legislation effective since 1952. It will empower the Central Government to re-issue the notice of acquisition to the owner and give the person an opportunity to be heard. Such an individual will be entitled to annual rate of interest on the payable compensation till the final settlement. <br/><br/>The Bill was introduced by Minister of State for Housing and Urban Affairs, Rao Inderjit Singh. <br/><br/>It was originally to be introduced by M Venkaiah Naidu, who resigned as Urban Development Minister yesterday after being nominated as a candidate for the Vice Presidential polls.

Government today introduced the Requisitioning and Acquisition of Immovable Property (Amendment), Bill 2017 in the Lok Sabha. <br/><br/>The bill intends to rationalize the lacunae in the existing legislation effective since 1952. It will empower the Central Government to re-issue the notice of acquisition to the owner and give the person an opportunity to be heard. <br/><br/>Such an individual will be entitled to annual rate of interest on the payable compensation till the final settlement. <br/><br/>The Bill was introduced by Minister of State for Planning, Programme Implementation and Statistics Rao<br/>Inderjit Singh. <br/><br/>It was originally to be introduced by M Venkaiah Naidu, who resigned as Urban Development Minister yesterday after being nominated as a candidate for the Vice Presidential polls.