Industrial Development Agency and Rajasthan State Industrial Development and Investment Corporation Ltd (RIICO) has approved conversion of industrial plots into hotels.
In this way entrepreneurs can set up hotels on industrial plots in Rajasthan without any changes in land use for commercial purposes of the plot.
Not Required Any Conversion charges
According to RIICO’s Infrastructure Development Committee (IDC), the allottee will not be required to pay any conversion charges. Earlier, allottee had to pay thrice the prevailing value of the industrial plot for the conversion.
The approval for the hotel project will be subject to technical norms and building parameters relevant for setting up a hotel.
The requisite clearances from the statutory authority will also have to be obtained before setting up the property.
