GIDC Unveils Streamlined Regulations For Industrial Plot Allocation And Transfer

ENA State 2023-12-08 17:52:34 Panaji, Dec 8 (KNN) The Goa Industrial Development Corporation (GIDC) has announced streamlined regulations governing the allocation, sub-leasing, and transfer of industrial plots. These changes aim to encourage new investments in the state and enhance the overall business environment. As per reports, the new norms have introduced a marking system for plot allotment, which gives additional points for women entrepreneurs, local entrepreneurs, start-ups, patent holders and sustainability measures. The GIDC has also decreased the penalty interest rate for delayed lease rent payments to 8 per cent. GIDC managing director Pravimal Abhishek said that one of the biggest changes is the liberalisation of the transfer and sub-lease process. The GIDC will no longer charge a fee for transfer or sub-lease of a plot. The existing transfer regulations require only substantial construction to be done, but the definition is vague and transfer is not seen as a means of exiting the business. Ease of exit is very important for ease of doing business and by transferring the plot, an investor can exit the business, he said. Abishek added that the GIDC will lose about Rs 6 crore annually with the transfer fee being removed. This money will be augmented through the auction of industrial and commercial plots. The norms also introduce a standard format for the lease deed that applicants have to sign. The regulations will also require industrial units to submit a third party certified report every two years certifying commercial operations. This will put a big check on irregularities. If a certificate of commercial operations is not submitted, it will call for a field inspection and an inquiry and after that action will be taken, Abhishek said. The new norms will allow commercial and retail outlets to also set up within industrial estates as long as they do not fall in the GIDCs negative list, which includes bars and gambling houses. The logistics and warehousing sector has been given industry status. Utility plots will be allotted only for government projects such as an electricity substation, water treatment plants, hospitals and solid waste treatment plants. Plot allotment will happen only through an auction, allotment by the GIDC board and through the Goa Investment Promotion Board. Commercial undertakings will be purely through the auction route. Red category industries will not be allowed to apply for plots. Under enterprises there are two categories; industrial and commercial and 90 per cent of the plots will be earmarked for industrial purposes and 10per cent for commercial undertakings. Under commercial undertakings shopping complexes can be built, said the GIDC MD. He added that there are five regulations that are being consolidated and made into one single document. If you step into the shoes of an investor, to go through so many documents and get clarity, it is extremely complicated. (KNN Bureau) 35830 https://knnindia.co.in/news/newsdetails/state/gidc-unveils-streamlined-regulations-for-industrial-plot-allocation-and-transfer 2023-12-08 17:52:34 knnindia.co.in GIDC Unveils Streamlined Regulations For Industrial Plot Allocation And Transfer