The Land Acquisition Bill, passed by Parliament during the Monsoon Session to replace a 119-year-old legislation, became a law with President Pranab Mukherjee giving assent to it on.
"The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2013 has received the assent of the President of India," a law ministry release said.
The historic legislation would provide just and fair compensation to farmers while ensuring that no land could be acquired forcibly. The bill was passed by both Houses of Parliament with overwhelming majority.
The new law stipulates mandatory consent of at least 70 per cent for acquiring land for public-private-partnership projects and 80 per cent for acquiring land for private companies.
The bull was brought as the archaic Act of 1894 suffered from various shortcomings including silence on the issue of resettlement and rehabilitation of those displaced by acquisition of land.
Meanwhile, the rural development ministry is in the process of framing rules for the new Act.
Rural Development Minister Jairam Ramesh has said that Rules will be notified within two months.
An advisory committee will be set up shortly to vet the said rules in consultations with various stakeholders.