KIADB land on 99-year lease: BCIC and MNCs are thrilled
Bangalore Chamber of Industry and Commerce (BCIC) has welcomed the Karnataka Government’s move to offer KIADB (Karnataka Industrial Areas Development board) land on a 99-year lease. A.N. Chandramouli the President of BCIC stated that the State government’s move will promote rapid industrialisation of the State.
BCIC welcomes the move and was waiting for some rapid growth schemes in the last few quarters wherein there was a slump in every sector. The chamber feels that the extension of lease period from 30 years to 99 years will give a big leap to the industry and will attract more foreign investors. It will also give a huge boost to the MNCs who were hesitant to open their new units in Karnataka.
Also many MNCs which were planning to shut their shops, or reduce workforce in Bangalore will not do that now. This will prevent flight of investment of MNCs from Karnataka and it is a timely action initiated by the government based on BCIC’s numerous representations.
Chandramouli also mentioned that the 99-year lease period is long enough to practically confer ownership on the industry. Anuj Sharma the Senior Vice-President of BCIC mentioned that the investors are by and large happy with land allotted by KIADB as it comes with necessary infrastructures such as roads, power, water, drainage and connectivity. All these things help in faster implementation of the greenfield projects. Sharma also suggested the government that they should expedite the land allotment procedures and should make them transparent to all.
Source- The Hindu Business Line
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