Chandigarh: The Punjab govt has approved major reforms to its existing policy to streamline the conversion of industrial plots and sheds from leasehold to freehold status, industries minister Sanjeev Arora said on Tuesday.The amended policy fixes the conversion fee at 5% and offers a 100% stamp duty exemption for all conversions completed by April 30, 2026.To expedite the transition, the govt has simplified documentation by replacing notarised affidavits with self-declarations and allowing bank letters to suffice for properties with mortgaged lease deeds, said the minister.As per the revised policy, unearned increase charges will no longer apply to family transfers, inheritance or cases where the clause is absent from title documents. Furthermore, the state govt has approved the rationalisation of post-allotment services for freehold plot holders, reclassifying 18 services from mandatory to optional. Approval powers have also been delegated to estate officers to ensure the time-bound disposal of pending cases.To address overlapping costs, the Punjab Common Infrastructure (Regulation & Maintenance) Amendment Bill, 2026, stipulates that service charges will now subsume property tax in municipal areas, effectively ending double taxation for industrial units. These charges will be collected through electricity bills via PSPCL to ensure transparency, said Arora. Additionally, the maintenance of industrial focal points and clusters will be transitioned to industry-led Special Purpose Vehicles. These SPVs, managed by a seven-member elected committee of allottees, will receive 90% of the collected funds for local upkeep, while the remaining 10% will be reserved for broader infrastructure upgrades, he added.Arora noted that these reforms were finalised after consultations with industry stakeholders to boost the ease of doing business and create a more transparent, self-sustaining industrial ecosystem.MSID:: 129930852 413 |
