Punjab rejigs conversion policy, industrial plots can be used to build hotels, hospitals
A new policy permitting the conversion of leasehold industrial plots and sheds into freehold ones was also cleared.
Briefing media persons after the cabinet meeting, new and renewable energy minister Aman Arora said, "Industrial plots of 1,000 square to 4,000 square yards can now be used for commercial activity, banquet halls, rental housing, office space or housing, institutes, or industrial workers' housing, depending on various categories and the width of roads.
It will give relief to developers and investors in the state.
"
Accompanied by industries minister Tarunpreet Singh Sond, Arora added that the cabinet also decided to allow the conversion of industrial plots of up to 40,000 yards into industrial parks, which will include 60% industrial, 30% residential, and 10% commercial space in freehold.
An official spokesperson added that earlier conversion policies were introduced in 2008, 2016, and 2021.
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However, industrial associations raised concerns about certain restrictive conditions in the 2021 policy.
Conversion of leasehold industrial plots/sheds to freehold
The cabinet also approved a policy for converting leasehold industrial plots and sheds into freehold ones, particularly for those managed by Punjab Small Industries & Export Corporation Limited (PSIEC). These plots and sheds, originally allotted on a leasehold basis, included complex clauses related to transfer, leading to complications in property transactions.
The new policy aims to streamline industrial estate management, enhance ease of doing business, and reduce litigation and uncertainty among allottees.
Additionally, this conversion is expected to generate additional revenue for the state.
Hitting out at the previous govts, Arora said when the policy was previously followed with a clause of 50% 'unearned increase', only four applications were received. At the same time, transfer was allowed by asking the applicants to pay the dues later.
"The state govt will generate additional revenue of around Rs 1,000 crore for the conversion of plots from leasehold to freehold. Besides, the state govt will also get a substantial amount by way of conversion fees for industrial plots," he pointed out.
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