Appraising compensational benefit under “the right to fair compensation and transparency in land acquisition, rehabilitation and resettlement act, 2013”

On 1st January, 2014, “The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act” came into effect repealing the Land Acquisition Act, 1894. This paper attempts to evaluate the economic benefit accrued to the land losers of New Town Kolkata if their land were acquired under the 2013 Act. It is found that even 100% ‘solatium’ or doubling of compensation in case of rural land as stated in the Act could not create much benefit for the land losers. It is noted that the opportunity cost plays an important role in determining the benefit from the compensation.