The RIADA building at the Namkum industrial area. Picture by Manik Bose

Ranchi, May 28: A new address beckons the Ranchi Industrial Area Development Authority (RIADA).

Its office on Mahatma Gandhi Road would be shifted to the Namkum industrial area. The new building, a ground plus five-storeyed project, is being built near the Software Technology Park of India (STPI).

“The project would cost Rs 7.20 crore. We will rent out extra space to interested parties,” said RIADA managing director Sunil Kumar.

RIADA is expected to occupy the ground and the first floor of the new building or the administrative building complex. The remaining floors would be allotted to finance, banking and development organisations on lease.

The new building will house independent departments like registration, land acquisition, revenue and engineering. Also, offices of the chairman, managing director and development officer would find a place here.

The present RIADA office is being run at a rented place. Small shops and establishments are also operating from the same building.

“With industrial areas like Kokar, Namkum, Tupudana, Tatisilwai and Getalsud developing near the state capital under RIADA and us managing industrial areas in places as far as Palamau, Gumla, Lohardaga, Koderma and Barhi (Hazaribagh district), an independent office was needed,” said Kumar.

However, industrial estates in these locations are not in a good shape and few industrial units cover vast areas. Many acres of industrial area leased out in the name of small-scale industries and medium-sized units are locked, as they have become defaulters in the payment of loan with Bihar State Finance Corporation (BSFC) and other agencies.

The government needs to take a policy decision for a one-time settlement of loans as the concerned plots are locked. The same can be leased out to other parties if the matter gets resolved.

Sources said RIADA will be donning a new look so as to prepare itself for many upcoming projects on public-private partnership basis, whereby land acquired by the authority would be used for establishing proposed food parks and industrial estates in association with Jharkhand Industrial Infrastructure Development Corporation (JIIDCO) and IL&FS.

Kumar said the authority is in the process of acquiring around 1,000 acres of land near Bundu and is looking for other avenues, too, where ancillary industrial units, food parks, urban haats can be set up in the near future.