The consensus paves way for consideration and passage of the significant but contentious bill in the second part of the budget session of Parliament beginning Monday.
"We have reached a broad consensus on the Land Acquisition Bill," Parliamentary Affairs Minister Kamal Nath told reporters after a 90-minute meeting convened by him.
Leader of Opposition in Lok Sabha Sushma Swaraj stated the same with a promise of not opposing the Land Acquisition, Rehabilitation and Resettlement Bill, 2011, in Parliament.
BJP wanted 50 per cent compensation to the original farmers whose land has been purchased after the introduction of the bill in Lok Sabha in September 5, 2011.
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Raising the issue in the meeting, Swaraj said the "land mafia" was in land buying spree in many parts of the country after the introduction of the bill anticipating that the measure will be passed soon and they can reap benefits.
If it happens, the farmers who have sold land at a lesser price will not be benefitted from the Land Acquisition Act, she said and asked the Government to have a provision specifying that there will be sharing of 50 per cent benefit with the original farmers.
The government agreed to amend the bill to provide for an enabling provision for states to enact laws in this regard as leasing of land is a state subject.