2 notifications on industry, housing issued

Aimed at creating an investment and industry-friendly environment in the state, the Punjab Government today issued two notifications related to the Industries & Commerce and Housing and Urban Development departments.

Industries and Commerce Minister Sanjeev Arora and Housing and Urban Development Minister Hardeep Singh Mundian said all promises made to industrialists during the Udyog Kranti Conclave by AAP leader Arvind Kejriwal and Chief Minister Bhagwant Mann would be fulfilled at the earliest so that maximum industries could be attracted and established in the state and employment opportunities could be created for our youth.

Arora said their aim was to establish a progressive and equitable mechanism for the conversion of leasehold industrial plots/sheds into freehold ones under the jurisdiction of the PSIEC which maximises the revenue of the state while fostering investor’s confidence and improving the ease of doing business in the state.

While sharing details pertaining to the notification related to the Housing and Urban Development Department, Hardeep Singh Mundian said that the Cabinet had recently approved significant amendments to the Punjab’s Conversion Policy, allowing industrial plots to be used for hospitals, hotels, industrial parks and other approved purposes. Previously, the conversion policy was introduced in 2008, 2016 and 2021. However, industrial associations had raised objections to certain restrictive conditions of the policy brought in 2021. He said that under the amended policy, a conversion charge of 12.5 per cent of the reserved price of industrial plots will be applicable. Similarly, a policy for converting leasehold industrial plots and sheds managed by PSIEC to freehold has also been approved.

Meanwhile, Dilpreet Singh Boparai, general secretary, Mohali Industries Association, said they welcomed the progressive steps taken by the Punjab Government regarding fire NOC issuance and addressing long-standing industry concerns. “However, the association raises serious concern over the steep rise in conversion charges for leasehold to freehold industrial plots. The previous charge of Rs 20 per square yard has now been replaced by a calculation pegged at 5% of the current reserve price — resulting in an unreasonably high financial demand from industrial stakeholders. Such a drastic increase risks derailing the industrial momentum, deterring investment and placing undue burden on businesses that are vital to Punjab’s economic ecosystem,” he said while demanding that the Punjab Government revisits and rationalises the conversion charges to protect industrial viability and encourages sustained development.

Punjab