MP govt to give land to IT companies on 99-yr lease
With an aim to give impetus to the information technology (IT) industry, Madhya Pradesh government has decided to give land to IT companies on a 99-year lease period instead of the present 33 years.
The state government has issued orders for making this amendment in the Information Technology policy, official sources said on Thursday.
Now, land to industrial houses making investment in the state will be given on 99-year lease on case-to-case basis. There will also be a provision to renew lease further.
The state cabinet had taken a decision to this effect recently. Earlier, there was provision to provide land on 33-year lease.
The amendment has been made in the concerning clause of Information Technology Policy, 2006. It will be applicable to all the leases given after implementation of the amendment.
The amendment will lead to acceleration of the pace of construction work of SEZ at Indore, which is fast growing as an IT hub of the state, sources said.
It will also be applicable to land alloted to Infosys Limited, Tata Consultancy Limited and Suvi limited at SEZ, Indore, sources added.