April 20, 2024

The Bihar

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BIADA land price hike irrational, BCCI tells chief secretary

2 min read

Patna: A delegation of Bihar Chamber of Commerce and Industries (BCCI), led by its president P K Agrawal, met chief secretary (CS) Anjani Kumar Singh and acquainted him with the problems facing the entrepreneurs and traders in the state.

“The Bihar Industrial Area Development Authority (BIADA) was set up by the state government with an objective to provide land to the entrepreneurs in the industrial areas at reasonable price for continuous industrial development along with basic infrastructure facilities like road, drainage, water, power, etc to create an investment friendly atmosphere in the State. But the BIADA, with effect from June 8, 2014, has enhanced the cost of land in all the industrial areas of the state up to 136 times, which is completely unpractical and irrational,” Agrawal told Singh.

He said, “The minimum value register (MVR) has also been enhanced by amending Bihar Stamp (prevention of under valuation of instruments) Amendment Rules, 2013. According to this, the highest rates mentioned in the five sale deeds for the land sold in a year in the area concerned and the average of those five highest rates will determine the MVR which is the circle rate and this will be updated every year.”

Agrawal also informed the CS about the proposal of the commercial taxes department to impose entry tax on all the commodities entering the state and the adverse effect it will have on the industry and trade in the state. He also drew the chief secretary’s attention towards the fact that the residual amount of subsidy given by the industry department lapses after March 31, 2015. The residual amount should be made available to a society like Udyog Mitra as is the practice in respect of food processing industry.

The chief secretary heard the delegation and assured of initiating necessary action.

Courtesy: TNN

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