The Administrative Council (AC), which met here under the chairmanship of Lieutenant Governor Manoj Sinha, approved the adoption of the industrial land allotment policy, 2021-30.
The new policy 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, the spokesman said.
The new policy proposes zoning of industrial areas at block and municipality level after taking into consideration various factors, including the existing level of industrial development, location of the proposed zone, and level of urbanisation.
The Jammu and Kashmir Industrial Land Allotment Policy, 2021-30 will also cover land allotment for health institutions, medi-cities, educational institutions and edu-cities.
The spokesman said the policy provides for constitution of divisional level project appraisal and evaluation committees to scrutinise applications received for allotment of industrial land within 30 days.
It provides for apex level, high level and divisional level land allotment committees to decide and allot industrial land to an applicant within 45 days in cases of projects worth above Rs 200 crore, Rs 50-200 crore and up to Rs 50 crore, respectively.
Under the policy, land will be allotted to investors on lease for an initial period of 40 years, extendable to 99 years, spokesman said.
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 two years; failure of the industrial unit to come into production within three years; violation of provisions under the lease deed; and non-cooperation of an enterprise for a period of five years.
Further, the policy provides for renting out of 60 per cent 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 industrialisation and employment generation, and includes provisions for evolving a fair and transparent mechanism for land allotment for industrial use. PTI AB ABM ABM
Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI