Initial Land Lease For 40 Years, Extendable To 99; Allotment In 45 Days
Jammu: The Lieutenant Governor administration on Friday approved adoption of Jammu & Kashmir Industrial Land Allotment Policy 2021-2030, paving way for investments in health institutions, medi-cities, educational institutions and edu-cities in the Union Territory with land lease to investors to begin for an initial period of 40 years, extendable to 99 years.
The decision about adoption of J&K Industrial and Allotment Policy 2021-2030 to evolve a highly structured industrial land bank for promoting equitable industrial growth in the UT was taken during an Administrative Council (AC), meeting here under the chairmanship of LG Manoj Sinha, an official spokesperson said.
The new policy, he said, attempts to address various land-related issues impeding industrial development in J&K by laying down a framework to regulate zoning of industrial areas, project appraisal and evaluation, and the subsequent process flow.
He further said that the new policy proposes zoning of industrial areas at block/ municipality level after taking into consideration various factors including the existing level of industrial development, location of the proposed zone, and level of urbanization.
“The Jammu and Kashmir Industrial Land Allotment Policy, 2021-30 will also cover land allotment for health institutions/medi-cities and educational institutions/edu-cities,” he added.
The official spokesperson said that the policy provides for constitution of Divisional Level Project Appraisal and Evaluation Committees to scrutinize applications received for allotment of industrial land within 30 days; Apex Level Land Allotment Committee, High Level Land Allotment Committee and Divisional Level Land Allotment Committee to decide and allot industrial land to the applicant within 45 days in cases of projects worth Rs. 200 crore, Rs. 50-200 crore and up to Rs. 50 crore, respectively.
“Under the policy, land will be allotted to the investors on lease for an initial period of 40 years, extendable to 99 years. The allotted land will be liable to be cancelled in case of failure of the investor to take effective steps within the stipulated time of 2 years, failure of the industrial unit to come into production within 3 years, violation of provisions under the lease deed, and non-cooperation of an enterprise for a period of 5 years,” he said.
He added that the policy also provides renting out of 60% of the built-up area of a business enterprise for setting up an ancillary industrial enterprise through a tripartite agreement.
“The policy aims at achieving inclusive growth through sustainable industrialization and employment generation, and includes provisions for evolving a fair and transparent mechanism for land allotment for industrial use,” the official spokesperson added.
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.