The Union Cabinet on Tuesday cleared the Rural Development Ministry's proposal to amend the century-old Registration Act to ensure greater accuracy in calculating land values.
With the approval for amendment to the Registration Act, 1908, registration of power of attorney as well as rent agreement of less than one year (but above a specified amount) will be mandatory.
Sources in the Rural Development Ministry said one of the key features of the proposed bill is the greatly enhanced amount of compensation that is guaranteed to displaced families. “However, to calculate this amount, the formula relies on the current market values in place — the registered value. Registered values are notoriously opaque and often outdated,” he said.
Furthermore, land titles are often subject to dispute because of the unprofessional and ad hoc manner in which they are recorded, the official said.
“These new amendments to the Registration Act will ensure greater accuracy in arriving at land values and in helping determine beneficiaries (through clear titles),” he added.
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