Acquisation Of Lands Companies in Malaysia

The Land Acquisition Act 1960 (LAA) is the main legislation governing the acquisition of land in Malaysia. The LAA provides for the acquisition of land for public purposes and payment of compensation to the owners of the land acquired. The LAA also provides for the setting up of a Land Acquisition Board (LAB) to determine the compensation to be paid to the landowners.

The LAA does not apply to the acquisition of land for private purposes. However, the LAA does apply to the acquisition of land by companies for the purpose of carrying out their business activities.

Under the LAA, the government or a company may acquire land for any public purpose or for the purpose of carrying out its business activities. The government may also acquire land for the purpose of resettling displaced persons.

The LAB is responsible for determining the compensation to be paid to the landowners. The LAB will take into account the market value of the land, the disturbance allowance, the loss of income, and the cost of relocation.

The LAA provides for the payment of compensation to the landowners within a period of two years from the date of acquisition. The landowners are also entitled to interest on the compensation at the rate of four percent per annum.