Srinagar: The Administrative Council which met here under chairmanship of Lieutenant Governor, Manoj Sinha, has approved amendments in the Jammu and Kashmir Industrial Land Allotment Policy 2021-30, an official press release informed Friday.
It said while firming up the changes, the Industries and Commerce department has included views and comments from stakeholders for effectiveness in updating existing policy.
Based upon feedback, amendments have been incorporated to elucidate different clauses of the existing policy with a view to providing simplification of processes and efficiency in land allotments. Periodic revision of lease premium, wide publicity for inviting applications, allotment of land on competitive merit basis, analysis of applicant/promoter/companies background including qualification and experience, sector-specific evaluation criteria for sector-specific allotments, functions and jurisdiction of land allotment committees, timelines for restoration of cancelled allotments etc have been provided in the amendments to the policy.
To encourage large investments having strategic importance to the economy of UT, the government may allot land on a preferential basis to mega projects viz. industrial/service sector units with minimum capital investment (excluding land and working capital) of at least Rs. 4000 crores.
The amendments shall ensure equity and transparency amongst applicants. The amendments in the Jammu & Kashmir Industrial Land Allotment Policy, 2021-30 shall help in realizing large investments and this will be a fillip to employment generation in the UT of Jammu and Kashmir.
