India News | MP: Govt Takes Possession of Land Worth Rs 350 Cr in Bhopal After Lease Revocation

Bhopal, May 28 (PTI) The Bhopal district administration has taken possession of a 20 acre government land here worth Rs 350 crore, rented to a Mumbai-based person six decades ago, after cancelling its lease for violation of norms, an official said.

Also Read | NVS-01: Countdown for Launch of 'Indian GPS' Satellite Begins, Says ISRO Official.

The land in Sewania Gaud area, near Upper Lake, was leased to the person in 1963 and the same was renewed in 2005, Bhopal Collector Ashish Singh said in a release.

Also Read | PM Narendra Modi Unveils Plaque; Dedicates New Parliament Building to Nation (Watch Video).

On visiting the spot, the district administration officials had found violation of the lease deed norms, he said.

The lease deed was cancelled on June 1, 2020 as the land was not being used for the given purpose, he said.

After it was declared as the Madhya Pradesh government's land, the administration took over its possession on Saturday, the collector said.

As per the market value, the price of the land is around Rs 4,000 per square feet, totalling up to nearly Rs 350 crore, the release said.

The cost of the land as per the collector's guideline rates (for the purpose of registration) is around Rs 130 crore, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)