By Our Reporter
SHILLONG, Dec 2: The Meghalaya government has decided to extend the lease period of government lands allotted to private entities for the purpose of investment for a period of 60 years.
According to the policy, the lease period for allotment of government lands to individuals and entities is fixed at 30 years. However, as the government is receiving a large number of proposals for large-scale investment and projects, it found that the tenure is insufficient to attract investors who want reasonable returns on investment.
After a Cabinet meeting, Tourism Minister Paul Lyngdoh told reporters the lease period will be further renewed for additional 30 years at the end of the 60-year lease period. “It will help to incentivise, encourage and attract investors to invest in various projects, especially in sectors showing signs of growth,” Lyngdoh said.
He said with such interventions, the government wants to create an environment to attract investors and facilitate investment in the state.
According to Lyngdoh, returns on investment are critical and many investors consider the 30-year lease period as too less.
Citing the case of Orchid Polo which will be developed into a four-star hotel by Lemon Tree Hotels at a cost of Rs 300 crore, Lyngdoh said the government had to come out with a rational lease period to attract private investment.
Each of the proposals will have to be approved by the Cabinet, he added.
Meanwhile, he claimed that the tourist footfall in the state has already crossed 15 lakh this year. He said the government wants to increase it by an additional 60% from the next year and for which, more accommodations will be needed.
He said the government is concentrating on improving road connectivity in the tourist circuits and added that it is working out a plan to introduce helicopter services to connect Umroi, Umiam, New Shillong, Sohra and Mawsynram exclusively for tourists.
Stating that the rain museum at Mawsynram needs more investment, Lyngdoh said the recently-held Shillong Cherry Blossom Festival was the biggest edition of the festival ever.
He dismissed the allegation that the presence of international bands at such festivals is undermining local bands, saying the performance of international bands has also raised the standards of local bands as everything has become competitive and many local bands are now performing in Hard Rock Cafes across the country.
“By 2025, they will likely go global,” he added.