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Indian Real Estate News : Kolkata
Idle Rajarhat plots in Kolkata to attract 10% penalty
Source: The Times of India Dec 16, 2013
In an effort to buck the trend of keeping commercial land in Rajarhat New Town idle for years, Hidco will impose 10% of the land price as penalty for each year of delay after keeping the plot unutilized for three years.

The authorities took the decision in its latest board meeting where the issue of delay in executing a number of projects on land allotted for commercial purpose was discussed. "Notices were sent to several such plot owners seeking an explanation for the delay. Plots allotted cannot be left idle for years. It has been decided that the allotees will be charged 10% of the total cost of land for every year of delay," Hidco chairman-cum-managing director Debashis Sen said.

According to another official, some of the plot owners had sent replies but they were often evasive and unconvincing. Hidco will now seek legal opinion on what could be done in such cases. It was decided earlier that idle plots would be taken back if plot owners failed to cite a proper reason. Officials, however, conceded that this has several legal hassles.

About 25 such plot holders had been identified earlier and the authorities were preparing a list of all such plots. Several plots have been allotted to private organizations in the township for commercial purpose like schools, colleges, hospitals and other institutes.

In the past, the government had decided that no plot could be kept idle for more than six months after being allotted. To have ownership on the plots, authorities had also decided that all plots in the township will be given on a lease of 99 years only.

To encourage developers to set up their projects quickly, Hidco has allowed commercial plot owners to get additional floor area ratio (FAR) if their plots are located within 250 meters of the Metro line being constructed near the central business district in the township. Those who will seek this additional FAR will be charged a fee ranging from 36% to 67%, depending on the year the plot was allotted.

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