BS Reporter / Gandhinagar October 16, 2008, 0:59 IST The Gujarat Cabinet today approved a proposal to allot 1,100 acres of land to Tata Motors at Rs 900 per square metre, or Rs 36.42 lakh per acre, for setting up the Nano plant at Northcotepura near Sanand. This price is slightly higher than the prevailing market rate and the Tatas will have to shell out Rs 400.65 crore for the land, which, according to government sources, they have already taken possession of. The state government has offered the Tatas a provision to make deferred payments on which the company will have to pay a compound interest of 8 per cent per annum. According to market sources, the prevalent land prices in the region are hovering around Rs 32 lakh per acre. As per the state government