Law dept to review KIIT land allotment
The CAG had pointed out that CMD, IDCO had permitted mutual transfer of land of seven allottees to KIIT during Oct 2010 to Dec 2011 at the concessional rate prevailing in the industrial estates at the time of application resulting into an undue benefit of Rs 66.25 crore to KIIT
Sep 04, 2014
Source : Business Standard
CAG of India


Bhubaneswar: The state law department will examine the issue of allotment of 14 acres of land to city based Kalinga Institute of Industrial Technology (KIIT). This was decided at a meeting of the high level land acquisition committee, chaired by state chief secretary, Gokul Chandra Pati, here today.

"It was decided to refer the allotment of 14 acres of land to to the law department. The additional chief secretary (revenue) was asked to place the matter again since a controversy had erupted over it," Vishal Dev, secretary, industries department told media persons after the meeting. Dev is also chairman cum managing director of Odisha Industrial Infrastructure Development Corporation (IDCO), the nodal land acquisition agency of the state government.

Senior Bharatiya Janata Party (BJP) leader, Bijoy Mohapatra had raked up the issue of irregularity in allotment of land to KIIT.

Mohapatra had alleged that the state government had regularised the land which was under the unauthorised possession of KIIT in favour of the institute.

The Comptroller and Auditor General of India (CAG) had pointed out that CMD, had permitted mutual transfer of land of seven allottees to KIIT during October 2010 to December 2011 at the concessional rate prevailing in the industrial estates at the time of application for mutual transfer by recovering the differential land cost (Rs 3.79 crore) instead of recovering the same at the benchmark value (Rs 70.04 crore) of land as decided by HLAC. This had resulted in an undue benefit of Rs 66.25 crore to KIIT due to the arbitrary decision of the CMD, IDCO.

In addition, the purpose for which the industrial land was to be used was also permitted to be changed by IDCO, in violation of the original lease deeds signed with transferer industries, had noted.

Latest Realty News

Chief Ministers' Conclave on Housing on Sep 12
Sep 04, 2014
A special comclave of chief ministers is to be held in the national capital Sep 12 to push the agenda of housing for all by 2022, said the National Real Estate Developers' Council (NAREDCO) here
Luxury homes in Pune beat affordable ones in demand
Sep 04, 2014
The city's high-end residential segment has shown a smart 39% rise in capital value in the 2011-14 period — the highest any market has shown in the country, a report by real estate advisory company Cushman & Wakefield has said
134 licences issued to builders in three months before polls
Sep 04, 2014
With the model code of conduct set to kick in anytime, the Haryana state government seems to be in a hurry to issue licences to builders
Govt to compensate evicted slum folk
Sep 04, 2014
The state government will provide Rs 2,000 compensation a month to slum dwellers, who will be evicted to make way for houses to be constructed under Rajiv Awas Yojana (RAY). These houses will be handed over to them
Narayana Murthy invests in realty, Azim Premji to follow suit
Sep 04, 2014
Property has always been a major investment avenue of the rich. Now, some of the people one would expect to focus on enterprising ventures are also looking at rent-yielding property
Idco step to cancel land leases draws flak from industry bodies
Sep 04, 2014
The decision of the Odisha Industrial Infrastructure Development Corporation (Idco) to cancel the lease deeds of the land lying idle in industrial estates has drawn flak from the industry bodies the state
Rise of property prices slack in city
Sep 04, 2014
The prices of residential property in Mumbai witnessed a 16 per cent increase over the last three years as compared to 41 per cent and 28 per cent in Bengaluru and Pune, respectively, according to the latest report from global real estate consultant, Cushman & Wakefield
Oriental Bank of Commerce Cuts Interest Rate on Home Loan
Sep 04, 2014
Oriental Bank of Commerce (OBC) on Wednesday cut home loan rate by 0.5 per cent to 10.25 per cent
BDA outsource move to fast track services
Sep 03, 2014
The Bhubaneswar Development Authority (BDA) has decided to outsource its public services, such as building plan approval, allotment of housing properties and issuing of occupancy certificates, to a private party
Govt cancels lease of land given to 200 industries
Sep 03, 2014
The state government has started the process to cancel lease of land given to more than 200 industries in the city because these were not used for the allotted purposes

Latest Realty News Of State

Realty Talk's