KoPT to implement new land policy by March

New policy has asked a minimum escalation of the annual lease-rent by 2%

The Kolkata Port Trust (KoPT) is planning to implement the government's new land policy by this March, once it has finalised the micro-level policy.

"We hope to begin implementing the new land policy for all our lands from March. Now respective ports have to decide on its micro-level policies based on the given guidelines," KoPT estate manager S K Dhar told PTI.

The new policy has asked a minimum escalation of the annual lease-rent by two per cent and now the respective ports have to finalise their rates, Dhar said, explaining how the micro-policies will be formulated.

Talking about the impact of the policy, Dhar said though it was yet to be estimated, he was sure that it would earn a good revenue for the KoPT.

The new policy will override the existing licensing policy, which was introduced by the KoPT after the Centre had banned signing fresh lease agreement with private entities in 2011.

With the implementation of the policy, the KoPT will have to lease out land through tender cum auction which was earlier done via tender, officials said.

Land inside customs area may be allotted on a short-time license of five years while those outside would be leased for a period of thirty years, they said, adding that land may be granted on nomination basis to PSUs, statutory bodies and government agencies.