Speaking to CNBC-TV18, Arun Nanda, chairman, Mahindra Lifespace says that by the removal of the consent clause, the government is attempting to protect the interest of farmers.
Arun Nanda, chairman, Mahindra Lifespace , says the government's move to approve the ordinance to amend Land Acquisition Act is a major positive for the country.
Speaking to CNBC-TV18, Nanda says that by the removal of the consent clause, the government is attempting to protect the interest of farmers.
The ordinance is seeking to waive the "consent clause" - the requirement to secure specific consent of owners of 70 percent -80 percent of land owners if acquisitions are meant for Public-Private Partnership projects that include defence and defence production, rural infrastructure including electrification, housing for poor and affordable housing, etc.
Below is the verbatim transcript of Arun Nanda's interview with Latha Venkatesh & Sonia Shenoy on CNBC-TV18.
Sonia: How much of a relief do you think it is as far as land acquisition is concerned going ahead and do you see a lot of construction projects increase now in terms of quantum and the ease of doing work as well?
A: I must confess that my knowledge is limited to what's been put on the media. I have not seen the text of the ordinance but it is a welcome move because what they are trying to do is protect the interest of the farmers and at the same time taking away the nuisance of the act because this consent term getting the farmers' consent term was going to be an impossible task and also the social impact study. What I make out in the press is that certain segments of the industry especially things like rural housing, affordable housing, rural electrification, rural projects, defense and public private partnership (PPP) projects and that's the best part that I see.
I do not think it is going to give boost to the real estate sector because I do not think that is the intention. The boost will only come for affordable housing. So there will have to be specific land acquisition for affordable housing to meet Mr. Modi's desire to have house for everybody but from an industry perspective I see a situation where the ownership of land will vest with the government under the PPP mode and the land will be made available to industry.
As I have said on your channel before – with 200 million odd young people coming to the workforce, we have to find manufacturing industry to grow and in the last few years dip in Index of Industrial Production (IIP) numbers is a combination of two things; yes, there is a consumer issue but there is also an issue that no manufacturing activity has started because there is no land to do manufacturing activity. Therefore, to sum up, it is a welcome move; it takes interest of the farmers because they are going to be protected from the compensation part of it but the irritable processes will be removed for certain segments of the industry is what I read.
Latha: Do you think that all the major irritants – it is not as if we are going to get anything more easily on land acquisition. Whatever the government could do has been done, things are not going to get any easier. So are you now confident at least those projects will start taking shape that you are going to see little more activity on infrastructure?
A: Unless I see the fine print, I cannot tell you but it clearly comes out that part of the 'Make for India' and doing ease of business, they are trying to remove irritants and the good part is that they have protected the farmers' economic interest and taken away the right of consent which was impossible to get because there would have been -- what happens is the vested interest becomes blackmailers – that was the biggest concern we have and that would be taken care of is my view. Now whether the thing will happen, we will have to see how it is implemented and land is a state subject, so one will have to also see how the ordinance takes care of that because land is a state subject. You ultimately have to go to the state government.
Mahindra Life stock price
On December 30, 2014, at 11:10 hrs Mahindra Lifespace Developers was quoting at Rs 472.60, up Rs 5.75, or 1.23 percent. The 52-week high of the share was Rs 659.00 and the 52-week low was Rs 341.00.
The company's trailing 12-month (TTM) EPS was at Rs 57.43 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 8.23. The latest book value of the company is Rs 277.39 per share. At current value, the price-to-book value of the company is 1.70.
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