City industrialists under the banner of the Jalandhar Industrial Focal Point Extension Association on Saturday hailed the state government's decision to meet the long pending demand of the industrialists by announcing drastic reduction in the land enhancement charges and honoured its chairman Sharad Aggarwal for his efforts to make the minister concerned understand the gravity of the issue.
Land in focal point extension had been allotted to industrialists at Rs 150 per sq yard in 1992. However, in 1994, Punjab State Industrial Export Corporation (PSIEC) slapped huge land enhancement notices on the industrialists, which were nearly 400 to 500% more than the original allotment price, president of the association Narinder Saggu said.
In spite of decade-long efforts to persuade the state government to extend relief, nothing was done, but it was the efforts of Aggarwal took up the issue in an effective manner, Saggu added.
Under the leadership of Aggarwal, several rounds of discussions were held with industry minister Anil Joshi and officials of PSIEC. A compromise formula was worked out, in which a sum of Rs 2,000 per sq yard on part portions of land and Rs 690 per sq yard on the balance portion of land was taken into account and finally resulted into an interim amount of Rs 98 sq per yard along with interest up to date, he said.
With this interim payment, the industrialists would be freed from all shackles and they would be able to transfer their plots easily, get registry done in their favour, mortgage their plots to the banks, change names of partners and hence there would be no restrictions on them, president of the association said.
Aggarwal said all this was done due to the hard work and sincere efforts of chief parliament secretary K Bhandari and former mayor Rakesh Rathore.