Bengaluru: The Industries Department has introduced “10-year lease-cum-sale” of Karnataka Industrial Areas Development Board (KIADB) land allotted for industries. The State Cabinet recently cleared a proposal to amend the KIADB provisions where clear titles (sale deed) of the allotted land will be handed over to industrialists once the allottees successfully run the project for two years.
Addressing concerns of industries and reluctance of many investors to make investments in the State due to the existing policy, Industries Minister Murugesh Nirani said KIADB in future will allot all land to private industries/institutions on 10-year lease-cum-sale basis. “Rules are being framed for the new scheme and a full-fledged Government Order is expected to be issued in a few weeks,” Nirani said in a release.
