Punjab News/New IT policy to develop Mohali as knowledge hub over an area of 402 acres okayed

Chandigarh, November 30, 2013: The Punjab Cabinet gave green signal to the new policy for allotment of 402 acres for IT services, ITES, Bio-Technology (Non-polluting) and Technology based Non polluting/Research & Development Facilities in Knowledge park SAS Nagar- 2013.  The said policy is aimed at developing the IT industry hub for the welfare of public, general employment and overall development of the state.   The Greater Mohali Area Development Authority (GMADA) had already acquired 1686 acre land in sector 82-A, 83-A and 101-A, of which 402 acres would be utilized for IT and IT enabled industry.   The policy gives adequate incentives to big IT companies and knowledge based industries while it will also take care of budding IT entrepreneurs and small scale IT industry.  A rationalized allotment price of land is the hallmark of the policy.  Unlike such policies hither to, this policy ensures that the land would remain on lease basis for initial seven years to ensure that the allottee sets up a functional unit and cannot dispose of land without selling up a unit.  The lessees would be under obligation to set up their units in specified time.  Extension up to two years would come only at a cost.
A decision to this effect was taken here at a meeting of the Cabinet chaired by Punjab Chief Minister Parkash Singh Badal this afternoon.