Bit to attract large-scale private investment
Shillong, Dec 2: With a view to attract long-term and large-scale private investments in Meghalaya, the state government has extended the lease period for government land from existing 30 years to 60 years with provision of further extension by another 30 years.
“The extension of lease period for government land to 60 years is to facilitate developmental projects,” said tourism minister Paul Lyngdoh after a cabinet meeting on Monday.
Explaining significance of the cabinet decision, he said, “Increasing number of proposals for large-scale investments and projects, we deemed that this duration (30 years) is insufficient to attract investors, who would like a reasonable return in their investment.”
The proposal for extension of the lease period for government land was prepared by the Revenue and Disaster Management department.
However, the period of 60 years will be further extendable.
“This is to be made further renewable for a period of additional 30 years for projects under different investment modes,” Lyngdoh said.
“This, we hope, will help incentivize, encourage and also attract investors to invest in various projects in the state and especially in sectors, which are showing signs of growth and hold promise for further enhancing the state economy,” he added.
Further justifying the decision, the minister said most investors consider 30 years as too less a period for getting the Return on Investment (ROI).
Citing the case of Orchid Polo, which will be a joint venture with a ₹300-cr investment plan, he said, “We needed to have a rational lease period, which would encourage more players to come forward and participate.”
