Gujarat govt to pay full allotment price for unutilised GIDC plots on voluntary return

Days ahead of the much-anticipated Vibrant Gujarat Global Summit, the state government has come up with a move that will help new industries set up plants in unitilized Gujarat Industrial Development Corporation (GIDC) sites.In the case of the voluntary return of unutilized open plots in the GIDC, the plot holders will be refunded the amount they paid at the time of allotment, and up to a maximum limit of 75 per cent of the current allotment price, according to a Gujarat government press release.

Chief Minister Bhupendra Patel has decided to adopt a more liberal policy by taking back unused open plots in various GIDCs of the state so that they can be reused by setting up industries.It is estimated that there are about 1,800 hectares of unutilized land in various GIDCs across the state, the release said. The state government believes the voluntary return of plots will enable new industries to be set up, boosting employment generation and economic development.

Industrialists are allotted land on lease by acquiring land in state GIDCs for setting up industries. A mechanism is currently in place whereby such allotted plot holders can voluntarily surrender the plots to GIDC if they are not able to use the plots.
In cases of voluntary reassignment of such plots, the plot holder gets a very small amount as compared to the allotment value of the plot. In such circumstances, plot holders are not encouraged to voluntarily surrender and in the process, the plots remain unused.

So far, 234 MoUs in as many as 17 phases, with a potential investment of about Rs 10.31 lakh crore and employment generation of Rs 12.89 lakh, were inked in the run-up to the summit.The Vibrant Gujarat Global Summit was initiated by Narendra Modi in 2003, then chief minister, to put Gujarat on the world map of trade and industry. The tenth edition of the Summit will be held from January 10 to 12, 2024.

As many as 100 countries are expected to participate in the three-day-long event. A ‘Global Trade Show’ to be held on January 9 will mark the launch of the 10th edition of the Summit.Various seminars will be organised on various themes during the three-day event. For the smooth conduct of the event, several committees have been formed to look after various aspects of the summit.