2 min readChandigarhJul 11, 2011 05:34 PM IST
First published on: Jul 11, 2011 at 05:34 PM IST
Three private life insurance companies Bajaj Allianz,ICICI Prudential and SBI Life Insurance have evinced interest in management and distribution of annuity which would be paid to land oustees for acquiring their land by Haryana government.
Three companies Bajaj Allianz,ICICI Prudential and SBI Life have shown interest for payment of annuity to land owners whose land was acquired, a senior official of Haryana State Industrial and Infrastructure Development Corporation HSIIDC said here.
One of the successful bidders will be announced in a month’s time, he said.
The bidder,having a net worth of Rs.1,000 crore,should also have approval from insurance regulator Insurance Regulatory and Development Authority IRDA for participating in bids,he said.
HSIIDC had sought expression of interest for distribution of annuity to land owners whose land had been acquired by various agencies of Haryana government on or after March 5,2005.
Haryana through its various departments so far acquired about 40,000 acres of land for various purposes since 2005.
In 2007,Haryana government had formulated a policy for Rehabilitation and Resettlement of Land Owners under which it had announced to pay annuity to land owners for 33 years over and above the usual land compensation.
Annuity was introduced by the state government in order to provide additional basic sustenance to erstwhile land owners for a period of 33 years. It is also regarded as a social security and benefit scheme and came in for appreciation from various quarters.
The annuity had initially been fixed at Rs.15,000 per acre per annum which was to be increased by a fixed sum of Rs.500 every year.
However,in November 2010,the Haryana government revised the annuity amount upwards from Rs 15,000 to Rs 21,000 per acre and the incremental amount was also raised from Rs 500 per acre to 750 per acre.
The revised annuity for SEZ,IT parks was raised from Rs 21,000 to 42,000 with annual increment of Rs 1,500 per acre.
The revised rates of annuity would be applicable in case of land acquired on or after September 7,2010.
A sum of Rs 30,000 per acre per annum would be paid by private developers for land acquired for setting up Special Economic Zone,Technology Cities and IT Parks.
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