The GAA had provisions for land owned prior to 1950, it had exceptions for servants, mining, hospitals and there was a visitation period of 90 days and did not apply to prior designated (in the 1930s) lands for various tribes. That is what the law said, there was no provision for expropriation, land could not be transferred to blacks, but could also not be forcibly transferred to the state.
It displaced primarily poor people that had moved to the cities, basically moved the slums from the inside to the outside. But that happens today just as well in many countries.
The law you quoted that is being implemented shows clearly that equity (aka DEI or perceived race benefit) is the measure, not land value, and it clearly states that land can be expropriated under the (neo-Marxist) equity doctrine.
The nil compensation also has many ways out: get chased of your land, or the government deems its value to be lower than their interest in race based equity - poof goes your property. There is nothing in there as far as modern legal parlance that goes to the fair and marketable value of the land.
Not for nothing that literally tens of thousands of whites and blacks have left the country. Just because Apartheid was bad 75 years ago doesn’t mean you can just “take back” what you perceived to have lost. Reparations are always bad, as you admit is happening under the doctrine that blacks “lost” land because they couldn’t trade for it and somehow “that’s the only thing they’re forcibly taking back”. It also doesn’t justify the slaughter and rape which has been independently verified to be on the order of a genocide and of that you can actually find evidence.
It also doesn’t explain how the new generations of blacks and the country under ANC in general is doing even worse than before, much of the confiscated lands are laying fallow and the country is already facing food and water shortages as the original farmers are gone and the new farmers have no clue and instead move back to the city for work (similar to what happened in the Holodomor - Stalin killed the Ukrainians, sent a bunch of Russians and surprise - they can’t produce your food). At some point, your failings are your own. Mandela (who was a Marxist) and his party (officially nationalist socialists) demonstrated they are thugs and clueless when it comes to running a country.