Kolkata (IANS) | The West Bengal government has decided to ease the process of transfer of ownership of vested land taken on lease by an individual or entity. Sources said that under the changed arrangement, any person or entity who has taken any vested land on long-term lease can get the ownership of the land after paying 15 per cent of the market value of the same land to the state government. Will be able to
This decision was recently taken by the state cabinet. However, this changed facility will be available only to those who are already enjoying long-term lease of land vested in the State.
Under the current system, any person or entity can take vested land on lease from the state government by paying a fee equal to 95 per cent of the current market value of the vested land. Apart from this, the lessees will have to pay annual rent at the rate of 0.4 per cent of the prevailing market rate.
According to a senior official of the state’s land reforms department, the new arrangement will be beneficial for both the state government as well as the individuals or entities taking the land on lease.
Much of the land contained was leased at a time when the market value of that land was much lower than the current market. Granted, the lessees are paying annual rent free of cost at the prevailing market rates, but the amount is so negligible that the state government is facing huge losses.
In the new system, he said, the ownership of that vested land would be transferred if the individual institutional body concerned pays only 15 per cent of the current market value of the land. On one hand, it will add to the coffers of the state government. On the other hand, once the ownership of the land vested in the lease is obtained, the respective owners will be relieved from the hassle of bearing the recurring cost of lease renewal or annual fee.
–IANS
