JOIN USThanks to GIM, Govt lifts ten year cap on issuing sale deed
Aimed at helping the small entrepreneur, the sale deed will be issued soon after the completion of the project.
Disclosing this to reporters here on Wednesday, Principal Secretary to Industries and Commerce Department, V P Baligar, said the Government’s decision was a part of the reforms being brought about in the industrial sector to woo new investors.
The move will benefit those who set up single unit complex and industrial sheds on plots developed by the KIADB. “We will straight away issue the sale deed if the project is completed. It will help the industrialists to expand their project further,” he pointed out.
The State Cabinet has already approved the move.
Besides, Minister for Industries and Commerce, Murugesh Nirani said, the Government has decided to give 9,583 sq ft of developed land for every acre as compensation to the land losers. Hitherto, the KIADB was giving 8,500 sq ft per acre. Those who do not want the developed land, can opt for cash compensation, he added.
Land bank
The KIADB is not facing much problem for acquiring land to set up the land bank. Nearly 90 per cent of land has been acquired without any dispute.
“As directed by the Chief Minister, we are not acquiring fertile land. Only dry and barren lands are being taken over for industrial use,” the Nirani said.
The KIADB has so far issued final notifications for acquiring 14,000 acres land and preliminary notification for 50,000 acres for land bank. This apart, nearly 40,000 acres has been identified for acquisition in various parts of the State.
Projects
During the GIM, scheduled to be held on June 3 and 4, the Government will sign memorandum of understanding for implementing 108 big projects (above Rs 50 crore each) and 228 small and medium projects (within Rs 50 crore). The total investment from these projects is estimated to be Rs 2.92 lakh crore, Nirani said.
The Government will provide special incentives like interest-free loan on VAT, anchor unit subsidy, interest subsidy and incentives for energy and water conservation.
Top industrialists such as Lakshmi Mittal of ArcelorMittal, Kumaramangalam Birla of Birla Group, Sajjan Jindal of JSW Steels and several others have confirmed to take part in the GIM, the minister said.
GIM through interest money
Believe it or not. The Government says it is not spending a single paise from its pocket to organise the GIM.
According to Baligar, the interest earned through deposits made by entrepreneurs for land acquisition, is being used for the GIM. “Nearly Rs 600 crore has been deposited by entrepreneurs for land acquisition. We are earning Rs 25 to 30 crore interest, which is being spent on organising the GIM,” he stated. He, however, refused to divulge the total expenditure for the event.
Fake farmers hoodwink Govt
The Government, it seems, has been over zealous in acquiring land ahead of the GIM.
It is feared that a number of fake farmers have hoodwinked the Government and taken away huge sum as compensation during the land acquisition for the proposed Devanahalli industrial park in Bangalore rural district.
Replying to a specific query in this regard, Baligar said preliminary investigation has proved that there were fake farmers who used fictitious documents to claim compensation. A committee headed by Bangalore Rural Deputy Commissioner has been set up to probe into all cases of compensation, he added. The Government is giving between Rs 50 to 70 lakh per acre as compensation near Devanahalli.