Chandigarh admin to allow transfer of industrial plots on lease

After dragging its feet for long, the UT administration is all set to allow transfer of industrial properties from leasehold to leasehold. According to sources, the administration is in the process of determining the rates to be charged for the transfer. The announcement is expected shortly. The administration allotted leasehold plots in both phases of Industrial Area between 1973 and 1982 with a condition that these plots were transferable after a period of 15 years on payment of unearned profit. However, even after 35 years, the administration is yet to formulate any transfer policy and determine rate of unearned profit. The term unearned profit refers to difference between the price paid by the original allottee and the market value of the site or building at the time of permission of transfer. In the Industrial Policy-2015, the administration had made a commitment of allowing transfer of leasehold to leasehold plots after developing suitable mechanism for it.