Surat: The Southern Gujarat Chamber of Commerce and Industry (SGCCI) has represented the Gujarat government to regularize industrial properties with possession receipts (kabza raseed) in the entire state including Surat.
In the state of Gujarat, especially in Surat and South Gujarat, as well as other industrial areas of the state, many industrialists have been running industries for years. The land and properties of many of these industries are being used on the basis of Possession Receipt. Industrialists have invested a large amount of capital on such properties and have set up factories, workshops, godowns and other industrial structures. Although these industries have been operating for years, industrialists are facing many practical and legal difficulties due to possession receipt-based properties.
The delegation of the SGCCI submitted that since the possession receipt-based properties of industries are not regularized, industrialists face difficulties in getting loans, working capital or financial assistance for expansion from banks and financial institutions. Moreover, due to incomplete property documents, they also face difficulties in getting transfer, inheritance, re-development and various government schemes.
In industrial cities like Surat, there are many such industries operating in sectors including textile, diamond, engineering, chemical, food processing, which contribute significantly to the state’s economy, employment generation and exports. If the policy of regularizing the properties with possession receipts of industries is implemented, the industrialists will get legal protection, new investments will be encouraged and the industrial development of the state will get further momentum.
Therefore, SGCCI requested the Finance and Urban Development Minister to take a suitable decision to implement a system to regularize the land and properties based on possession receipts of industries in the entire state of Gujarat including Surat under a one-time policy based on the prescribed rules, fees and conditions.
Gujarat Finance and Urban Development Minister Kanubhai Desai listened very calmly to the presentation made by the Chamber of Commerce and said that the state government will think seriously about this matter and take a suitable decision. The Minister further said that the state government is moving towards bringing a new scheme to address this problem faced by industrialists across the state.
