The Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha gave its approval to the amendments in Jammu and Kashmir Private Industrial Estate Development Policy, 2021-30 to offer a fair opportunity to genuine private developers to play their role in creation of industry related infrastructure to attract more investment for employment generation.
Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; Mandeep Kumar Bhandari, Principal Secretary to LG attended the meeting.
The policy envisages incentives in the form of reimbursement of 100% ‘Stamp Duty’ on the purchase of land, reimbursement of 100% of ‘Change of Land Use (CLU) Charges’ and 100% reimbursement of ‘Registration Charges’ on sale deed.
The same is going to provide a level playing field to genuine private developers and upcoming unit holders in such estates in comparison to incentives given to unit holders allotted land in government run Industrial Estates (IE). Besides, it will improve the business environment in the UT of J&K.
Approximately 2000 kanals (250 acres)of land shall be developed per year through private industrial estates. Timelines for issuance of documents by the revenue authorities and notification of procedural guidelines for reimbursement of incentives have been incorporated in this policy.
In such Private Industrial Estates where Government Land is involved, the allotment of said land shall be subject to terms and conditions mentioned in the J&K Industrial Land Allotment Policy 2021-30.