RIICO sells undeveloped land at cheaper rates to attract investors
The departure from the practice of transparent auctions was initially intended to attract investors to far-flung industrial areas where demand is lacking and land remains idle. However, the order does not make any distinction, and it is open to all industrial areas, including urban areas.
According to the order of RIICO on July 15, it is clear that the govt wants to provide cheaper land to industry, and undeveloped or semi-developed land fulfills this intent.
Industries Minister Rajyavardhan Rathore told TOI that the decision fulfills two important objectives: monetising RIICO's idle land parcels and providing land to industrial units at cheaper rates.
In fact, the industry in the state advocated for direct land allotment instead of auctions, which raise the acquisition cost, making the state uncompetitive. Suresh Agarwal, President of the Federation of Rajasthan Trade and Industry, said, "The decision will help industry.
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But we want the govt to expedite the process of undeveloped land allotment, and it should benefit large sections of the industry."
However, some segments of the industry also expressed concerns about the process of allotting such undeveloped land. "While we fully agree with the govt decision for making undeveloped land available at cheaper rates, the process of allotment remains an issue," they said, preferring anonymity.
As per the order, allotment is dependent on RIICO's Infrastructure Development Committee (IDC), which is majorly represented by the corporation's officials. "Ultimately, it will be their decision to whom they qualify for allotment. So, there is a risk of subjectivity coming into the decisions," they said.
They suggested that the allotment of the undeveloped land should have also been done through the auction process. "It is more or less a fair process. There would be no question of somebody crying foul that the genuineness of their application for land was not considered," they said.
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