Punjab Cabinet approves key industrial policies — freehold conversion and land use changes

The Punjab Cabinet today gave its assent to two important policies for industry — allowing conversion of industrial plots from leasehold to freehold and allowing change in land use of industrial plots.

The two decisions were taken at a meeting of Punjab council of ministers chaired by Chief Minister Bhagwant Mann here today. Announcing the decisions of the Cabinet, New and Renewable Energy Minister Aman Arora, flanked by the Industry Minister Tarunpreet Singh Sond, said that the two decisions were being demanded by industrialists for a long time.

“Not only will the decisions help in encouraging economic activity in the industrial estates, by allowing these decisions, the state government will earn at least Rs 1,000 crore only for conversion of plots from leasehold to freehold,” he said.

Those seeking conversion of industrial plots can now run commercial establishments, hotels, convention centres, hospitals and hostels on industrial plots of over 1,000 to 4,000 square yards.