West Bengal Offers Ownership To Government Land Lessees ; Check Its Price

The lessees of plots from government agencies can now opt to switch the nature of their plots in West Bengal by paying a fee between 7.5% to 20% of the land value. It has been made applicable to some areas of Kolkata including EM Bypass, Salt Lake, and New Town. This move comes as a progression to allow the sale of Government leased land and is expected to boost the revenue and economic activity in the state. It also brings in the ease of switching between leasehold land and freehold land in the eastern state of West Bengal. 

A notification issued by the Department of Urban Development and Municipal Affairs on Tuesday announced the West Bengal Land Conversion (Leasehold Land to Freehold) Scheme, 2022.This announcement has been followed by the Bengal cabinet's decision to give freehold land for commercial and industrial use, another major policy decision aimed at expanding the economy and boosting state revenue.

Who Will Benefit From This Switch?

It is mainly meant for residential, and commercial plots. The scheme is applicable for the below Government agencies that leased out their land for 99 or more than 99 years:

• Kolkata Metropolitan Development Authority (KMDA)

• New Town Kolkata Development Authority (NKDA)

• West Bengal Housing Infrastructure Development Corporation (WBHIDCO)

Others who can also avail of the benefit of this scheme are:

• Sriniketan Santiniketan Development Authority, Asansol 

• Durgapur Development Authority

• Siliguri Jalpaiguri Development Authority

The leasehold to freehold conversion has marked its comeback in New Town after 2011. Individual plots at Salt Lake sold by the urban development department are not currently under the purview of this scheme.

Stay tuned to our page for all such major real estate industry updates, only on Clicbrics!