The new scheme is called the Chandigarh Conversion of Land Use of Industrial Sites into Commercial Activity/Services in Industrial Area, Phase I and II, Chandigarh (Amendment) Scheme 2008. A notification regarding the scheme has already been issued by the Finance Secretary.

The amendment will facilitate the industrialists going in for sale of property before mandatory 15 years, and they will not have to pay the unearned profits to the administration.

Earlier, the allottees were barred from selling off their commercial property before 15 years. If they sold their property before 15 years, they had to pay a hefty unearned profit” amounting to several lakh of rupees.

“Where such a transfer had already taken place for any site/building before the expiry of 15 years and the lessee of that site had opted to convert their building under the 2005 conversion policy, the condition of 15 years will not apply even if the transfer had already taken place,” the notification said.

MPS Chawla, president of the Chandigarh Industrial Association said the decision would go a long in converting the industrial area into an institutional zone and would bring in more commercial activities in the area.