K'taka small industries get exemption from lease policy
Updated: Jun 24, 2015 10:43:10am
Bengaluru, June 24 (KNN) Following requests from the small industries, the state Cabinet has decided to grant plots to industrial projects on a 10-year lease-cum-sale basis.
Following the decision on Saturday, they can sell the property after the lease lapses.
The rider is that only projects that have completed formalities before March 28, 2013, are eligible for the land under these terms, Minister for Law and Parliamentary Affairs T B Jayachandra said.
This would benefit about 300 industrial projects, particularly small-scale industries, reports media.
As per the Industrial Policy guidelines for 2014-18, all fresh projects would be allocated 99 years of lease, and there is no provision for sale. Earlier, the lease period was only 30 years and the new policy extends it to 99 years in a bid to woo investments.
However, the reprieve comes with a rider: If the industries fail to show any progress within two years, the lease-cum-sale deed will be cancelled. (KNN Bureau)
Following the decision on Saturday, they can sell the property after the lease lapses.
The rider is that only projects that have completed formalities before March 28, 2013, are eligible for the land under these terms, Minister for Law and Parliamentary Affairs T B Jayachandra said.
This would benefit about 300 industrial projects, particularly small-scale industries, reports media.
As per the Industrial Policy guidelines for 2014-18, all fresh projects would be allocated 99 years of lease, and there is no provision for sale. Earlier, the lease period was only 30 years and the new policy extends it to 99 years in a bid to woo investments.
However, the reprieve comes with a rider: If the industries fail to show any progress within two years, the lease-cum-sale deed will be cancelled. (KNN Bureau)
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