Functions

The functions of the Corporation shall be — (i) Generally to promote and assist in the rapid and orderly establishment, growth and development of industries in the State of Goa. (ii) In particular, and without prejudice to the generality of clause (i) to— (a) establish and manage industrial estates at places selected by the State Government; (b) develop industrial areas selected by the State Government for the purpose and make them available for undertakings to establish themselves; (c) undertake mining and infrastructure for mining development and such other related activities within India subject to provision of law; (d) Undertake schemes or works either jointly or on agency basis with other corporate bodies or institutions, or with Government in furtherance of the purposes for which the Corporation is established and all matter connected therewith. (a) The Goa Industrial Development Corporation Allotment Regulations, 2012, is hereby repealed. (b) The repeal of the Goa Industrial Development Corporation Allotment Regulations, 2012 under sub-clause (a) shall not— (i) Revive anything not in force or existing at the time at which the repeal takes effect, or; (ii) Affect the previous operation of the repealed regulations or anything duly done or suffered there under, or; (iii) Affect any right, privilege, obligation or liability acquired, accrued or incurred under the repealed regulations, or; (iv) Affect any fees, interest, penalty as are due or may become due or any forfeiture or violation committed under the provisions of the repealed regulations. (c) Notwithstanding any thing contained herein, these regulation shall not affect the mutually agreed terms and conditions of the lease deed and other documents executed in between the Corporation and the allottee prior to these regulation coming into force and the same shall be effective and binding. Sub-lease permitted under these regulations and approved by the Corporation will entail the following fees:— (i) For all sub-leases given after starting of commercial operations by the allottee:- 6% of the prevailing premium rate per sq. mts. per year, calculated on the total plot area allotted upto a sub-leasing period of 10 years. (ii) For all sub-leases given prior to starting of commercial operations by the allottee:- 8% of the prevailing premium rate per sq. mts. per year, calculated on the total plot area allotted upto a sub-leasing period of 10 years. (iii) For any sub-leases beyond the period of 10 years upto a maximum of 15 years:- 10% of the prevailing premium rate per sq. mts. per year, calculated on the total plot area allotted. Provided however that any extension of sub-lease beyond the period of 10 years upto a maximum of 15 years shall be permitted only with the prior approval of the Chairman of the Board. (iv) For any sub-leases beyond the period of 15 years shall be decided by the Board on case to case basis considering the merits of each case and entail fees equal to 10% of the prevailing premium rate per sq. mts. per year, calculated on the total plot area allotted. (v) The total sub-lease period, during the tenure of the original or extended lease period granted by the Corporation to an allottee or subsequent allottees created by transfer of lease hold rights, shall not exceed 15 years without prior approval of the Board. However, in case of small scale and micro industries where the unit has been into commercial operations for more than 10 years, the Corporation may permit sub-lease for the remainder period of the lease granted and the extended period thereon subject that the allotted plot area does not exceed 1200 sq. mts. sub-lease fees for such extended period shall be 10% of the prevailing premium rate per sq. mts. per year, calculated on the total plot area allotted.