According to sources, the administration is in the process of determining the rates to be charged for the transfer. The announcement is expected shortly.
The administration allotted leasehold plots in both phases of Industrial Area between 1973 and 1982 with a condition that these plots were transferable after a period of 15 years on payment of unearned profit.
However, even after 35 years, the administration is yet to formulate any transfer policy and determine rate of unearned profit. The term unearned profit refers to difference between the price paid by the original allottee and the market value of the site or building at the time of permission of transfer. In the Industrial Policy-2015, the administration had made a commitment of allowing transfer of leasehold to leasehold plots after developing suitable mechanism for it.
With the administration failing to frame a transfer policy, a large number of owners have transferred their plots on general power of attorney (GPA). Over the years, a large number of plots have changed hands multiple times on GPA.
The issue has also featured in election manifestos of all major political parties in the previous parliamentary elections but remained unfulfilled. The local member of Parliament has been pressing the administration for allowing transfer of leasehold to leasehold properties.
“It’s a long pending demand and I have been taking up the issue with the administration. It will bring relief to residents,” said MP Kirron Kher.
The Industrial Area has been developed over 1,200 acres in two phases — Phase I has an area of 776.14 acres and Phase II 486 acres. There are around 2,500 leasehold plots in both phases of the area. All the plots in Phase II were allotted on leasehold basis.