So, the question that naturally arises is that if there is no market and as a corollary no industry, then why has it become so imperative for the Modi government to grab more land on war footing? In the shrieking debates and the deafening noise that preceded and still continues over the Land Acquisition ordinance, the real issues behind the need for a law that allows forceful takeover of land have disappeared from public scrutiny and domain.
Recently a report has thrown light on the whereabouts of real estate business in India and its future possibilities. It has shown that in 2012 investment in this sphere has been $ 34 million. Global Construction and Oxford Economics have further shown that around 2025 India will be the third largest realty market in the world. Every year 11.5 million flats will be sold in Indian market. Land prices are on an uncontrolled rise in our country.
Realty business, the capitalist class considers, thus will become a roaring one. And land is necessary to translate it into reality. But not any land. It must be close to big cities where modern ingredients for lavish luxurious life will be within easy reach. To get land with such special features new law, new system, and new initiative is the need. This purpose we are noticing is expressly clear in the central government’s Land Bill which is nothing but an ominous legalization of the process for speedy appropriation and facilitation of land acquisition in a quick, cheap and easy way with little concern for consent, just compensation, effective rehabilitation and resettlement of land owners and the others dependent on land.
So, the hideous underbelly of the real purpose of the Ordinance is out in the open. It is purported to promote the real estate business of the monopolists and corporate bigwigs. As we have been reiterating again and again, capitalist economy is enmeshed in acute unsolvable market crisis. So, it is on the lookout for avenues from where it could fetch maximum profit. One such area is realty and infrastructure building. So, most of the monopoly houses, both in the country and abroad, have been opening their infrastructure and realty promotion wings to reap huge commercial benefits. ‘‘India is amongst the top 20 real estate investment destinations for 2014 with total of USD 5,000 million,” global property consultant Cushman &Wakefield said in a statement. So, is the tearing hurry for grabbing land at any cost. The Modi-led BJP government has been befooling people with the slogan that ‘land necessary for industrialization’. But we know that those who consider others fool are fools themselves.