Chennai, Dec 8, 2008 : To make plots affordable for small and medium businesses that fall under the MSME bracket, the Tamil Nadu government has reduced prices at the Small Industries Development Corporation estates (SIDCO) in Tamil Nadu. Officials from the Industries department of Tamil Nadu stated Tuesday that this was done to increase industrial investments in the state, to help the Chief Minister M.K.Stalin’s dream of Tamil Nadu becoming an economy worth a trillion dollars by 2030 was realized by officials from the Industries department of Tamil Nadu.
The price band for Chennai and three adjacent districts, Chengalpattu and Tiruvallur, was maintained at the 2016-17 rates.The rates for many other SIDCO parks have been reduced by 5 percent and 50% respectively, and in some cases, even a 75 percent reduction.
The state government signed MoUs with many companies during the recent industrial conclaves in Chennai and Coimbatore for investments worth more than 1 lakh crore.These conclaves saw numerous representations from the industries.
Separate memorandums were also signed to lower the prices of plots on state-owned industrial estates.
SIDCO is subject to the Tamil Nadu government rules.
It must sell plots according to the state government’s norms.SIDCO has been developing state-owned industrial estates for the past 50 years.
Previously, the prices of plots sold by SIDCO were increased by 10 to 15% each year based upon certain parameters.
The norm-based rise in the price of SIDCO plots was a major blow to small and medium businesses who bought plots outside the park and developed their own.SIDCO was sitting on a large tract of land that had no takers.
Tuesday’s Government Order stated that SIDCO had 1311 plots and 371 acres of unsold land in its possession.The order also required SIDCO to sell the land at a fair rate so that the land can be used for new industrial estates.
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