Buckling under pressure from industrial associations and the realty sector, the government on Wednesday decided to do away with the system of allotting land on a 99-year lease condition through the Karnataka Industrial Areas Development Board (KIADB). Hence forth, absolute sale deeds will be issued.
A decision to this effect was taken during the cabinet meeting. “The present rule of 99-year lease was creating problems with regard to execution of infrastructure projects, especially housing complexes, and there was a demand to relax the rule. The issue was discussed in detail and a decision was taken to change the rule,” law minister T B Jayachandra said.
Source: Times of India