Latest News | Delhi LG Extends Leasehold Conversion to Industrial Plots

New Delhi, Mar 16 (PTI) In a bid to provide relief to small and medium industrial units in the national capital, Delhi LG VK Saxena has extended the Conversion Scheme 2005 to industrial plots, an official statement said on Saturday.

The LG has granted an 'in principle' approval to the proposal for the extension subject to several conditions, the statement said.

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The move will pave the way for conversion of industrial plots that were allotted by DSIIDC under Relocation Scheme of 1998 from leasehold to freehold, it said.

The decision will directly benefit nearly 22,000 industrial units or plots that were relocated by DSIIDC way back in 2000-2001, according to the statement.

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The move addresses a long-pending demand of Delhi-based entrepreneurs, who were not allowed to sell or transfer these plots.

"As reported by DSIIDC under the scheme, a total of 21,759 plots have been allotted in various industrial areas till now on leasehold basis which categorically prohibits the sale/purchase and transfer of these plots," the LG noted on file, the statement said.

According to it, the conversion will be allowed only in case of the industrial plots which are in the possession of the original allottee, and where the construction of the building has been completed.

The scheme will also be applicable only to those industrial plots where the original allottee has closed his industrial unit in the non-conforming area as envisaged in the scheme framed in compliance to Supreme Court's directions.

The outward limit of closing the industrial unit in non-confirming areas is set as March 31, 2025, beyond which no further extension shall be provided, the statement said.

Furthermore, allottees need to clear the payment of due conversion charges/fees to avail conversion.

No remission or rebate whatsoever shall be provided in any case of conversion, it said.

(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)