Gandhinagar, July 30 (KNN) The Gujarat Assembly has recently passed a bill that will allow industries including Micro, Small and Medium Enterprises (MSMEs) to sell land acquired for industrial purpose, instead of surrendering back to the Government.

The Gujarat Tenancy and Agricultural Lands (Amendment) Bill 2019 was passed by a majority of the vote in the State Assembly.

Earlier it was mandatory to pay smaller premiums if the industrialists failed to start a project within the bounded time. Due to this, the relaxation in land laws was in high demand.

In the provision of amendment one can sell the land after paying 100 percent, 60 percent, 30 percent, and 25 percent after three, five, seven or more than 10 years.

Speaking with KNN India, Managing Director of Federation of Kutch Industries Association (FOKIA), Nimish Phadke said “This is mainly regarding relaxation in time barring provisions for land developers of industrial park.”

He explained that the MSME units in the state normally set up their units in the upcoming industrial parks, being established under industrial park policy. Since last many years, the Gujarat industrial Development Corporation is not developing the new estates in the required numbers and hence the MSME units are setting up their units in private industrial parks, set up under the policy.

The proposed bill may grant industrial park developers more time to set up the park and MSME units will have more choice to buy the land out of the options, he added.