IN A major relief for those who own industrial plots having an area of 1,000 square yards or more, the Punjab government has notified the conversion policy which will allow them to start hospitals, educational institutions or hotels on these plots. A large number of such plots lie vacant in the city due to the absence of any conversion policy.
With the new development, the real estate which is going through a rough patch will get relief as the property rates may go up with the arrival of new industry. It was a long-pending demand of the industrials, said members of Mohali Property Consultants’ Association (MPCA).
According to the policy, the industrialists who own an industrial plot of more than 1,000 sq yd can start a hospital, educational institution or hotel. As per the policy, the plot owners can construct 40 per cent of the total area of the plot.
It is mentioned in the policy that it applies only to the plots having an area of more than 1,000 sq yd and the plot should have been allotted to the owner five years ago from the notification of the policy. The plot owner can construct up to five storeys by following the condition of 40 per cent covered area. The conversion fee is fixed as Rs 26.5 lakh per 1,000 sq yd plot.
The construction of basement will be compulsory if any industrialist starts a hotel on the plot to provide proper parking space. The plot owners will also have to follow the condition that for a 1,000 sq yd plot, the road should be 40-foot wide outside while the plots having an area of one acre or more should have a 60-foot wide road to avoid any traffic congestion.
Speaking to Chandigarh Newsline on the issue, Maninder Pal Singh, secretary of Mohali Property Consultants’ Association, said that a long wait had ended for hundreds of industrialists as they could now start new industries on their vacant plots.
“Earlier, it was not possible to run a hotel or a hospital on an industrial plot. The conversion is also affordable and it will not be a big problem for the owners,” said Singh.