Land holders in SIPCOT industrial parks cannot overcharge their sub-leases beyond the fixed rates.
In a recent office order, State Industries Promotion Corporation of Tamil Nadu (SIPCOT) said that the original allottees should not collect charges for sub lease of the plot under the garb of any title over and above the rates at which SIPCOT had allotted the plot to them.
In the event of letting the land on sub-lease at higher rates, the differential charges must be equally shared with SIPCOT.
While the sub-leasing fee is fixed as Re 1 per square foot for industrial parks falling under the bracket of group companies, it is Rs 2.50 per square feet for similar category companies at Siruseri Information Technology Park.
Group companies means the original allottee/sublessee either the company or the major share holders holding more than 50 per cent of the shares in the group company / companies.
