The Bill mainly provides for the following: [i] imposition of a ceiling on both ownership and posses 730 sion of vacant land in urban agglomerations, the ceiling being on a graded basis according to the classification of the urban agglomeration; [ii] acquisition of the excess vacant land by the State Government with powers to dispose of the vacant land to subserve the common good; [iii] payment of an amount for the acquisition of the excess vacant land, in cash and in bonds; [iv] granting exemptions in respect of certain specific categories of vacant land; [v] regulating the transfer of vacant land within the ceiling limit; [vi] regulating the transfer of urban or urbanisable land with any building [whether constructed before or after the commencement of the proposed legislation], for a period o f 10 years from the commencement of the legislation or the construction of the building whichever is later; [vii] restricting the plinth area for the construction of future residential buildings; and [viii] other procedural and miscellaneous matters.