VIJAYAWADA: Andhra Pradesh Industrial Infrastructure Corporation (APIIC) Chairman Mettu Govinda Reddy has said the State government rolled out a ‘Coordinated Growth Policy’ for converting industrial units in Auto Nagars and APIIC industrial estates into residential and commercial plots.
The government is of the view that the policy will come in handy for the restoration of sick industries. Auto Nagars and industrial estates, which once were located on the outskirts of cities, have become the centre of the cities now due to the rise in population and the spread of residential localities.
There are more than 160 Auto Nagars and industrial estates in the State. Industrialists running units in Auto Nagars and industrial estates have requested the government to allow them to convert their lands (units) into residential and commercial plots, he said.
As per the orders issued by the Industries Department, those who got lands from the APIIC and opted for conversion of their industrial units into commercial and residential plots, should pay 50% of the market value of the land or hand over 50% of the land to the APIIC.
Those who purchased land on their own, and want to convert the industrial units should pay 15% of the market value of the land to the APIIC, Govinda Reddy said on Wednesday.