(Shutterstock)The Bengal land and land reforms department has decided to go for “perpetual transfer” of land to the industries department to ensure hassle-free handover to investors. As per the new process, the land department will give ownership of land to the industries department, which can lease out the plots directly to the investors without going back to the land department for its approval. For this, the industries department will have to pay a certain amount — which will be 150 per cent of the market price — to the land department. They won’t need to run to the land department for approval even after the industries department decides to allot land,” a senior official said. Earlier, the land department used to lease out land to the industries department, which would in turn give the plot to the investor as an assignee.

Source: The Telegraph January 01, 2020 21:22 UTC