The new Land Acquisition Act will be applicable to all land acquisitions for future Special Economic Zones as the old Act is no longer valid. The President Pranab Mukherjee has given assent to the new Act, which is now being called The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act. It replaces the Land Acquisition Act of 1894.
The new legislation provides for much higher compensation to the families which are required to sacrifice their lands for public projects. Apart from obtaining the consent of at least 70-80% landowners, the government is required to compensate them to the tune of 2-4 times of the existing market price of the land in question.