Punjab govt cuts recovery of enhanced land cost to Rs 98/ sq yard

They informed that these recovery notices were issued based on the enhancement of land compensation. The associations pleaded that they had requested the state government to lower the enhanced land cost as this amount was “exorbitant”.

Agreeing to their plea,the Minister decided to slash the recovery of enhanced land cost from Rs. 323 per square yard to Rs. 98 per square yard.

This interim recovery would be made on furnishing an undertaking by the allottees to pay the difference between the actual recoverable enhanced land cost and interim enhanced land cost after finalisation of the pending cases in various courts of law,he said.

The minister said that this issue by making payment of interim the long pending demand of allottees for obtaining different nature of clearances to set up their projects would be satisfied.

The concerned plot holders after discharging the liability of interim payment should be able to seek clearances for permission to mortgage,transfer,registration of conveyance deed etc.

He said that Punjab Small Industries & Export Corporation (PSIEC) had issued notices during the year 2005 to the allottees of industrial plots of focal point Jalandhar (Extension) for the recovery of enhanced land cost at the rate of Rs 323 per square yard.

These recovery notices were issued based on the enhancement in land compensation awarded by the local court.

Joshi further said a new policy for allotment of industrial plots or land in different focal points would be notified by the Government in due course of time.

After finalisation of new allotment policy,plots available in different areas should be advertised and made available to the entrepreneurs for setting up their units.

He urged upon the prospective entrepreneurs to bring fresh investment in Punjab and take benefit of the conducive industrial environment prevailing in the state.