29
The revised credit rate for exchange would be -
$32 2 $16
5.11 As for building land, using the same assumptions
as made above, the revision in the "ex-gratia" compensation
(paragraph 5.6) would be done in the following manner
5.12
་
5.11.1 Revised "ex-gratia" compensation for
agricultural land = ($32 - $5) per square
foot
= 27 per square foot.
5.11.2 Revised "ex-gratia" compensation for
building land = $27 per square foot x
programme
= $67.50 per square foot
5
Bearing in mind the very large scale resumption
which is expected to take place in the next
three years, the Working Group, although agreeing to
the proposed formula for the proposed package and its
review, nevertheless expressed concern that it might
not solve the Government's problem of over-commitment
in respect of exchange entitlements sufficiently rapidly.
The proposed offer will however result in a reduction in
the creation of new entitlements by at least a half, and
it seems that the owners of smaller holdings will prefer
to accept cash compensation for the whole area of their
holdings rather than opt for the exchange offer.
/Aggregation
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