Nagpur: NIT fixes premium for commercial use of industrial plots higher than state

June 17, 2022
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NAGPUR: The Nagpur Improvement Trust (NIT) has fixed a high premium for commercial use of industrial plots. It is much higher compared to what the state government approved four years ago.

Its board of trustees on Thursday decided that a premium of 50% of ready reckoner value will have to be paid by an applicant for conversion of usage on industrial plot measuring over 4,001 sqft. Most of the industrial plots come under this slab. The government had fixed a premium of 20%.

The premium now is 45% for 3,001-4,000 sq.ft, 40% for 2,501-3,000 sq.ft, 35% for 2,001-2,500 sq.ft, 30% for 1,501-2,000 sq.ft, 25% for 1,001-1,500 sq.ft and 20% for 1,000 sq.ft and below.

In October, the NIT board had taken a decision to recover premium of 15% and ground rent of 2% for change in user from agriculture to residential/commercial/industrial. Similarly, a premium of 15% and ground rent of 2% was fixed for conversion from residential to commercial/industrial.

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