Team Herald
MARGAO: The Goa Investment Promotion and Facilitation Board (GIPFB) has called for public input on a plan to declare 4.1 lakh square metres of land in Quitol, Quepem, as an Investment Promotion Area. The site has been identified for a significant project by the Oil and Natural Gas Commission (ONGC) company, which includes plans to establish a convention centre, exhibition hall, and a management training facility.
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The GIPFB has already granted in-principle approval for the project and forwarded the proposal for official recognition of the area to the State government. The revised land requirements for the project were submitted by ONGC through correspondence dated September 5 and October 25, 2024.
Once the area is officially designated, the Chief Executive Officer (CEO) of GIPFB will oversee the administration of house tax, other taxes, and related fees within the zone. It was further pointed out that this designation would exempt the area from existing State laws governing building construction and tax collection by local authorities.
To offset the impact on local governance, affected bodies such as municipal corporations, municipalities, or village panchayats will be compensated for the loss of tax revenue for a period of five years.
Residents and stakeholders have been given 30 days to voice their objections or suggestions regarding the proposed changes.
