Kolkata, Mar 1 (KNN) The West Bengal government has initiated the offering of land parcels sourced from unused areas of existing industries and defunct companies to foster the development of new industries.

As announced by Commerce and Industries Minister Shashi Panja, this marks a significant move, marking the first time such unused industry land will be repurposed for new ventures in the state, reported BL.

Minister Panja disclosed that nine industrial parks with a collective land area of approximately 1739 acres have been established for this purpose.

Furthermore, Minister Panja noted a high demand for land identified from closed industries, underscoring the positive reception received by the government's decision to permit the conversion of leasehold land to freehold status.

She informed that nine freehold proposals under the Industries Department have already received cabinet approval. Following discussions with the land department, approximately 35 land holdings have been granted freehold status, reflecting a favourable shift in the ease of doing business.

“From an ease of doing business perspective, this is very encouraging,” Panja added.

In a notable move, the state's Land and Land Reforms Department issued a notification last July, allowing the conversion of leasehold land with lease periods of 30 or 99 years.

This includes Kolkata's "khasmahal land" and plots within various industrial estates and parks managed by entities such as the West Bengal Industrial Development Corporation (WBIDC), West Bengal Industrial Infrastructure Development Corporation (WBIIDC), and West Bengal Small Industries Development Corporation (WBSIDC).

Under this notification, lessees with a tenure of 99 years will be charged 15 per cent of the current market price for conversion to freehold, while lessees with a tenure of less than 30 years will incur a charge equivalent to 70 per cent of the current market price.

(KNN Bureau)