JAMMU, JAN 18: The Administrative Council (AC), chaired by Lieutenant Governor Manoj Sinha, has granted approval for amendments to the Jammu and Kashmir Private Industrial Estate Development Policy, 2021-30. The move aims to provide genuine private developers with a fair opportunity to contribute to the creation of industry-related infrastructure, fostering increased investment and employment generation.
The meeting, attended by Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor; Atal Dulloo, Chief Secretary; and Mandeep Kumar Bhandari, Principal Secretary to LG, highlighted the importance of incentivizing private development in industrial estates.
Under the amended policy, stakeholders will enjoy benefits such as a 100% reimbursement of ‘Stamp Duty’ on land purchases, 100% reimbursement of ‘Change of Land Use (CLU) Charges,’ and 100% reimbursement of ‘Registration Charges’ on sale deeds. This strategic approach aims to level the playing field between private developers and unit holders in comparison to those in government-run Industrial Estates (IE), ultimately enhancing the business environment in Jammu and Kashmir.
The policy outlines the annual development of approximately 2000 kanals (250 acres) of land through private industrial estates, incorporating clear timelines for document issuance by revenue authorities and procedural guidelines for incentive reimbursement.
In cases where government land is involved in Private Industrial Estates, land allotment will adhere to the terms and conditions outlined in the J&K Industrial Land Allotment Policy 2021-30, ensuring a systematic and regulated approach to private development initiatives.
