In a landmark move the Gujarat government on Wednesday allowed owners of industrial units to convert their land located in Gujarat Industrial Development Corporation (GIDC) into freehold land. | |
| This is applicable to all 171 GIDC estates of the state. Making the announcement in Gandhinagar today, the state industry minister Anil Patel and state finance minister Saurabh Patel said the government had laid down some criteria for the owners of the industrial units to be eligible to convert their GIDC land into freehold. |
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| According to one of the criteria, a GIDC land plot owner requires to have paid all the dues including payment for land or lease rent. Another criterion is that the units on the plot require to be operational for at least 15 years. |
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| The price of the land has been decided on the basis of the existing 'jantri', a ready reckoner for stamp duty being used by the revenue department of the state. However, the department is in the process of preparing 'jantri' for the past years. |
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| According to the Gujarat government announcement, the industrialists are expected to pay 30 per cent premium on original rates paid by the unit holders. |
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| Till the time 'jantri' rates for the past years are ready to decide the premium for the unit holders, the government will continue to charge the unit holders 30 per cent premium as per the present jantri rates for conversion of land. |
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| The government has also insisted that while converting industrial land into freehold land, GIDC will have to ensure that all the regulations related to zoning of the land are followed strictly. |
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