Bihar has abundant land at cheaper rates to set up industries, says Shahnawaz Hussain

PATNA: A day after the state cabinet approved reduction in Bihar Industrial Area Development Authority (BIADA) land lease rates up to 80%, state industry minister Syed Shahnawaz Hussain on Wednesday said Bihar will now offer abundant industrial land at affordable rates to interested investors.He said after the transfer of 2,900 acres of land of closed sugar mills by the state government to BIADA, Bihar has a huge land bank for setting up industries.As per the state cabinet decision, out of the 54 industrial areas of BIADA, lease rates at 15 places have been reduced by 80%, at 12 places by 60%, in another 12 industrial areas by 40% and at the remaining 15 places by 20%."The BIADA land rates have been rationalised. We are also developing infrastructure in remote areas, so as to enhance its utility for investors. The rate of industrial land in Bihar is now cheaper than in other states. I would appeal to the investors and firms to come to Bihar and set up their units here," Shahnawaz said.He said e-auction will be done for the land for which multiple buyers have shown interest. "Recently, Bihar Textile and Leather Policy, 2022 has been launched in the state and now the decision of BIADA land lease rates reduction in 54 out of the total 74 industrial areas will be a big help in achieving the goal of taking Bihar ahead in the industrial sector," Shahnawaz said.As per the existing practices, BIADA provides its land to interested industrialists on lease for specific period for setting up industrial units. Officials said the land lease rates revision has been done on several factors, including distance of industrial area from National Highways, big towns and state capital and availability of infrastructure, including approach roads and drainage.For instance, the land lease rate of industrial area at Gopalganj, which is around 150km from Patna, has been reduced from Rs 2.97bcrore to Rs 59lakh per acre. Similarly, the industrial land lease rate at Siwan has been reduced from Rs5.75 crore to Rs1.15crore per acre. For Aurangabad, it has been reduced from Rs 5.58 crore to Rs 1.12 crore per acre. For Munger, it has been reduced from Rs 4.50 crore to Rs 90 lakh per acre."There is a wonderful environment for setting up industries in Bihar and investors from all over the country are coming forward. The need was to rationalise the land price for the industry. Under the guidance of Prime Minister Narendra Modi and with the blessings of chief minister Nitish Kumar, the resolution of industrialization of the state will be fulfilled," Shahnawaz said.