Shoma Patnaik
Panaji
Goa Industrial Development Corporation (GIDC) chairman Aleixo Reginaldo Lourenco on Thursday said the corporation will make sure that the proposal for converting industrial estate land from ‘leasehold to freehold’ is not misused by plot
holders.
Speaking on the sidelines of an industry event, Lourenco said, “The corporation will keep the right to take back the land if the plot holder sells it for non-industrial purposes. A clause stipulating the terms of resale will be introduced. The clause will specify the zone of the land wherein the zone (industrial land) cannot be changed. It will also not permit sale for a housing project, etc.”
The Curtorim MLA pointed out that the proposed land conversion policy for industrial estates is as per recommendations from the Centre and not by GIDC.
“An amendment bill for deliberating the draft policy on industrial plot conversion will be tabled during the upcoming Assembly session from August 31. The decision to approve the policy is with the state government,” he said.
The corporation recently disclosed plans to amend the Goa Industrial Development Act, 1965, and the Goa Industrial Development Corporation (Allotment, Transfer and Sub – Lease) Regulations, 2023, for implementing a land conversion policy that stipulates to give plot holders the option of getting ownership of leased industrial estate land.
The proposed policy involves payment of an upfront sum (freehold premium) by the plot allottee that will be equivalent to the aggregate lease rent payable from the date of application up to the expiry of the total lease term, viz. ninety-five years, together with any outstanding arrears and other dues payable by the promoter.
The freehold premium will be credited to a dedicated corpus fund of which the principal amount will remain permanently preserved and not be utilised for operating expenditure. Only the investment income generated from the corpus fund shall be utilised.
“GIDC will not go into a loss from the conversion deal,” maintained Lourenco, adding that officials have worked out the upfront premium to be payable by a plot holder who wants conversion.
With land at a premium in the state, several members of Goan industry are concerned over the proposed policy and its potential for commercial gains by unscrupulous business establishments. They said that industrial estate land belongs to the state and must not be put up for sale.
