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Bhopal

Updated on: Friday, August 27, 2021, 11:20 PM IST

Bhopal: No role of agents, MPSIDC to act as service provider

Ease of doing business reforms
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Bhopal: Industrialists who get land on lease from the state government to set up their projects will not have to look for agents to get registration of the lease done in sub-registrar's office under the Department of Registration and Stamps. Now, MP State Industrial Development Corporation (MPSIDC) has become a service provider for the same under ease of doing business reforms, as per a decision of the state government.

As per existing practice, an industrialist or investor who has been allotted land by the Department of Industrial Policy and Investment Promotion for project usually approached registrar's office for a time slot for registration of lease of the land/plot through any agent who charges a few thousands of rupees as fee.

However, as per the state government's decision and gazette notification done in second week of August investors don't need to look for any agent for the same anymore.

Executive director of MPSIDC Rishi Garg said, "Investors can now initiate documentation for registration of lease and reservation of slots at the sub-registrar's office from the regional offices of MPSIDC itself."

He said that to facilitate investors, regional offices of MPSIDC would be registered as a service provider with the Department of Registration and Stamps (Commercial Tax Department). Investors will now be able to do e-stamping, payment of registration fee, execution of lease deed and reservation of slots in the sub-registrar's office from the regional offices of MPSIDC.

He added, "To enable institutions like MPSIDC to work as a service provider, Commercial Tax Department has introduced amendments in the Indian Stamp Act 1899 as was done in the second week of August."

He said, "MPSIDC has been a pioneer in simplifying investment frameworks and has completely automated the land allotment process in areas administered by MPSIDC. It has been striving for the simplification of procedure and taking up new initiatives for promoting investment in the state."

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Published on: Friday, August 27, 2021, 11:20 PM IST
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