The study examines over 700,000 land transactions spread over three decades in four representative districts of India to assert that circle rate which determines land valuation and compensation is unscientific, grossly unfair and driven by historic data no longer relevant. It says a scientific approach must be adopted to discover fair price for land.
The study says circle rate is flawed because it doesn’t take into account economic and locational factors that influence land price nor does it reflect the information asymmetry that prevails in rural hinterland. That would probably explain why official land price is often less than half of the market price of land. The study says unless circle rate is fixed conflict over land will continue. For further details please view our report…
The sustainability revolution will, hopefully, be the third major social and economic turning point in human history, following the Neolithic Revolution - moving from hunter-gathering to farming - and the Industrial Revolution
HRH Prince Charles (2009)