Direct land sale lolly for investors
Chief minister Jitan Ram Manjhi said this on Monday while speaking at the annual function of the Bihar Industries Association
Dec 23, 2014
Source : The Telegraph

 

Patna: The government has decided to allow direct sale of plots at private industrial parks to those setting up their units there.

Chief minister Jitan Ram Manjhi said this on Monday while speaking at the annual function of the Bihar Industries Association.

The free lease option would be in addition to the earlier proposal, which talked of providing land on lease only.

According to the policy regarding the private industrial parks, land to investors in these parks had to be provided on a 30-year-lease period.

"The issue of private industrial areas and the problems associated with it has always been coming up before the government. It has been said by many industry bodies that the lease criterion is causing problems and the investors are not interested. It has been decided that apart from the lease, there will be freehold option too. This, along with the final draft of the mid-term review of the industrial incentive policy, will be taken up in the cabinet on Tuesday, and will be approved," Manjhi assured the industrialists.

At present, there are two approved private industrial areas - Sriram Chatradhaari Private Industrial Area in Mokama, around 100km from Patna, with around 40 acres of land and Vaishali Industrial Park Private Limited at Mahua in Vaishali district with around 100 acres.

The policy talks about a group of landowners having at least 25 acres of land to form an SPV (Special Purpose Vehicle) and get the plot approved as a private industrial area.

"This is good news. Now, both the investor and the SPV have got two options. If the SPV wants and the investors agree, the private industrial area can be just sold to them. The money can be used by the landowners for other forms of investments. Besides, the 30-year old lease option also remains," said Rakesh Kumar, one of the 14 partners in the Mokama private industrial area.

Sources said the government had a catch in mind, too. "Though this has not been finalised yet, the government is mulling that any investor opting to buy the private industrial area land will have to pass through a locking period. This can range from five to 10 years. This means that investor has to successfully run the unit for the certain period and only then he or she can buy the land. However, this is yet to be decided formally," an industry insider said.

Manjhi also said he would meet the Union civil aviation minister on December 30 to discuss development of Patna airport and developing other airstrips in the state.

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