Jammu, Jan 22 (IANS): The Administrative Council (AC), which met here under the chairmanship of J&K Lieutenant Governor Manoj Sinha, approved the adoption of Jammu and Kashmir Industrial Land Allotment Policy 2021-30 to evolve a highly structured industrial land bank for promoting equitable industrial growth in Jammu and Kashmir, a government statement said on Friday.

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 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.

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 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 also provides 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.