Chennai: The state government on Tuesday slashes the price of plots in various Sidco plantations (small industries development industries) throughout Tamil Nadu to make them affordable for MSMEs to build industrial units.
This step is intended to increase industrial investment in the state to achieve the main target of the MK Stalin Minister to make the Tamil Nadu Economy of $ 1 trillion in 2030.
Price reduction, which ranges from 5% and 50%, up to 75% in several places.
In Chennai and three neighboring districts, the price of the plot was maintained at the 2016-17 land level level.
Move follows requests made to the state by organizations representing small and medium enterprises.
In three recent industrial conclusions held in Chennai and Coimbatore, the state government has signed a mous with various companies for investment valued at more than 1 lakh crore.
Unlike Sipcot serving the large industry and the board determines the cost of industrial plots, Sidco must sell industrial plots according to the norm set by the Tamil Nadu government.
Previously, the price of Sidco plots was carried out by an average of 10% to 15% annually based on the value of the guideline, a nosional increase in the previous year, a nosional increase based on simple interests for three categories of industrial plantations, and different plantation locations.
Sidco has developed industrial estates for more than 50 years.
The price is repaired by the government, based on certain norms.
Norma-based price increases have made this plot too expensive for entrepreneurs, MSMEs participants.
Based on market value, they have bought land outside Sidco Estates and built their industrial units, and Sidco sits on various lands that are not sold, “said an official source.” We urge the government to provide the same process.
Price determination for industrial plots developed similar to Sipcot.
If not, we will lose the opportunity to not only reduce the existing land stock, but also in developing new industrial plantations in other regions, “added the source.
The norm of the country’s land costs for Sidco Estates has boosted the price of many folds compared to market rates.
As a result , Sidco was abandoned with 1,311 plots and 371 hectares.
“If this land can be sold at reasonable prices, unlocked values can be used to develop new industry plantations, government orders issued on Tuesday.
Incidentally, Sidco has stopped implementing an annual price increase for industrial plots in several plantations from 2016-17 according to the decision taken by the AIDMK government then to make interest rates.
TN cuts Sidco Land Rates to achieve the $ 1TN economic goal
