Kolkata: The state’s standing committee on industry and infrastructure on Monday approved a proposal to allot 149.64 acres of industrial land in Jhargram on a freehold basis to two companies—Captain Industries India Pvt Ltd and Ultratech Cement Ltd—for setting up new projects.
The land belongs to the West Bengal Industrial Development Corporation (WBIDC). “Altogether 149.64 acres located at Suknibas and Ghagrasole mouzas in Jhargram will be given on a freehold basis to the two companies. The guidelines for handing over land on freehold terms will be strictly followed,” said Chandrima Bhattacharjee, state finance minister.
Bhattacharjee added that the proposals reflect growing investor confidence in Bengal’s industrial climate.
“These companies have shown interest in investing in the state and applied for land on a freehold basis.
The consent has been granted as per the prescribed terms and conditions. Setting up these industries will generate significant employment,” she said. In January 2023, the Urban Development and Municipal Affairs department had notified the West Bengal Land Conversion (Leasehold Land to Freehold) Scheme, 2022, allowing leased plots with a tenure of 99 years or more to be converted to freehold on payment of a fee between 7.5 per cet and 20 per cent of the land value.
Officials said demand for freehold land has risen amid ongoing infrastructure projects, as its capital appreciation is much higher than that of leasehold plots.
Leasehold land often poses hurdles for both developers and individuals due to the need for repeated approvals from the leasing agency for sale, purchase or mortgage.