The Bengal government has started implementing land conversion from leasehold to freehold, state commerce and industry minister Shashi Panja said after a cabinet meeting chaired by CM Mamata Banerjee on Thursday.
The Bengal government has started implementing land conversion from leasehold to freehold, state commerce and industry minister Shashi Panja said after a cabinet meeting chaired by CM Mamata Banerjee on Thursday.
The conversion fees are based on lease duration. For a lessee of 99 years, 15% of the current market price will be charged while it will be 70% for 30-year lessees and 25% for assignees in between. The Land Ceiling Act imposes a limit of 24 acres for landholding, beyond which the excess land is vested.
According to the state’s conversion rules, state allows the conversion of leasehold lands settled for 30 and 99 years, including Kolkata Khasmahal land as well as land under WBIDC, WBIIDC and WBSIDC.
Industry experts foresee relief for lessees and a streamlined implementation of industrial projects, fostering easier access to bank credit for the industry.
Panja highlighted successful land allotment in the proposed hosiery park in Jagdishpur, Howrah, where 3.6 acres were allocated to 15 MSME units. She added that the textile hub project in Metiabruz is underway.