Landowners will have the option of buying 10 per cent of the land for a total of Rs 6 lakh crore if they choose to do so, an official said.
The Land Acquisition Bill 2016, 2017 and 2018 are among the three bills to be introduced in the Lok Sabha by the ruling coalition, the Congress and the Left.
The Bill was introduced by Finance Minister Arun Jaitley, who will be sworn in tomorrow.
The Government has been in discussions with developers to acquire 10 per.
per cent land for the development of 1,500 housing units in the state.
It has been asked that the developers can get permission from the State Government to buy up to 10 per per cent, or about 20,000 sq ft, of land at Rs 6 million per acre.
The 10 percetion is equivalent to a new house in Delhi and the existing buildings.
The land for building a new building on the proposed area would have to be purchased by the developers.
The other two bills are on land acquisition for public works projects and infrastructure projects.