Kolkata, May 25 : West Bengal government has taken a decision to smoothen the process of transfer of ownership of vested land taken on lease by any individual or institutional entity. Under the changed system, sources said, any individual or institutional entity having taken any vested land on long-term lease will be able to get the ownership of the land after paying 15 per cent of the market price of the same land to the state government. The decision was taken by the state cabinet recently. However, this changed facility will be available to only those who are already enjoying the long-term lease of vested lands in the state. Under the current system, any individual or institutional entity can take vested land on lease from the state government by paying a fee equivalent to 95 per cent of the existing market price of the vested land. In addition to that the leases have to pay an annual rent at the rate of 0.4 per cent of the existing market rate. According to a senior official from the state land reforms department, this new system will be beneficial both for the state government as well as the individual or institutional entities taking the land on lease. "A majority of the vested lands were taken on lease at a time when the market price of that land was much lower than the current market. Agreed that those taking it on lease are paying an annual rent free on the existing market rate, but the amount in so negligible that the state government is losing huge amounts. "In the new system the transfer of ownership of that vested land will be done if the individual institutional entity concerned pays just 15 per cent of the current market price of the land. On one hand, this will add to the exchequer of the state government. On the other hand, after getting ownership of the leased vested lands, the owners concerned will get relief from the trouble of lease renewal or bearing the recurring cost of annual fees," he explained. /IANS