文章基本信息

标题：Measuring Inadequacy in Compensation for the Compulsory Acquisition of Land: Evidence from Bengaluru, India
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作者：Jyoti Shukla ; Piyush Tiwari
期刊名称：Land
印刷版ISSN：2073-445X
出版年度：2022
卷号：11
期号：5
页码：664
DOI：10.3390/land11050664
语种：English
出版社：MDPI, Open Access Journal
摘要：Taking inspiration from the longstanding problem of inadequate compensation for the compulsory acquisition of private land for a public purpose, this research estimates the economic value of (i) future development potential of land or ‘hope value’; and (ii) depreciation in property value due to acquisition notification or ‘blight’. Using empirical data on property transactions conducted in the Bengaluru Mysore Infrastructure Corridor (BMIC) project area and registered with sub-registrar offices in Bengaluru India during 2007–14, this research innovatively combines the duration model and hedonic price model to estimate the above. Results indicate that the current mechanisms for compensation are inadequately compensating for the land. The loss of the hope value ranges between 2.39 to 8.35 times the market value of agricultural land in 2006 and loss due to blight is approximately 31 percent. Compensating for these losses ex-ante should induce fairness in the compulsory acquisition process and reduce arbitrariness in the valuation of essential components of a compensation package, thus unburdening the valuation responsibilities of the legal institutions. These findings empirically support the argument of payment of additional monetary compensation to the market value of land and provide a rational measure of the same.