FICO strongly opposes increase in focal point's land reserve price, demanding immediate withdrawal from PSIEC

Ludhiana, August 12, 2023: The Federation of Industrial and Commercial Organizations (FICO) strongly opposes the increase in the land reserve price of focal points by P.S.I.E.C. and demanded an immediate withdrawal of the increase from Dalveer Singh Chairman PSIEC. 

Gurmeet Singh Kular President FICO said that the prices of industrial land are already very high in Punjab, which is a major hindrance in getting new investment even under the Invest Punjab Scheme, and a further increase in land reserve prices will be an additional burden on the industry itself. There is a 50% increase in the land's reserve price i.e. previously the reserve price was 10,000 per square yard, and now the reserve price has been increased to Rs. 15,000 per square yard, which is totally unjustified. It is requested that the Punjab Government and PSIEC should immediately roll back the increased prices and allow the industry to flourish. 

Manjinder Singh Sachdeva Senior Vice President FICO said that Many vacant plots are there in the focal points, and which the increase in reserve prices the chances of getting new investment in them will also fade up. Not only this but the allotment transfer deed, and lease deed will be charged at Rs. 450/- per square yard, previously it was only Rs. 300/- per square yard. The industry is already going through a recession, and imposing additional burdens will only worsen the situation for the industrialist.