J-and-K-Administrative-Council-Approves-Incentives-for-Private-Industrial-DevelopmentJ-and-K-Administrative-Council-Approves-Incentives-for-Private-Industrial-Development

The Jammu and Kashmir Administrative Council, chaired by Lieutenant Governor Manoj Sinha, greenlights amendments to boost private industrial development. The policy amendments include 100% reimbursement of Stamp Duty, Change of Land Use Charges, and Registration Charges on sale deeds, aiming to provide equal opportunities to private developers for infrastructure creation and investment attraction.

J&K Administrative Council Boosts Private Industrial Development

In a strategic move to foster private industrial development, the Jammu and Kashmir Administrative Council, led by Lieutenant Governor Manoj Sinha, has approved crucial amendments to the Jammu and Kashmir Private Industrial Estate Development Policy, 2021-30.

Policy Amendments for Private Developers

The approved amendments focus on providing fair opportunities to genuine private developers to actively contribute to the creation of industry-related infrastructure. A key facet of the policy includes incentives such as 100% reimbursement of Stamp Duty on land purchases, 100% reimbursement of Change of Land Use Charges, and 100% reimbursement of Registration Charges on sale deeds.

Leveling the Playing Field

These amendments aim to create a level playing field for private developers and upcoming unit holders within private industrial estates. The move is significant in ensuring that the incentives offered to private developers are comparable to those given to unit holders allotted land in government-run industrial estates.

Enhancing Business Environment

By aligning the policy with the Real Estate Regulatory Authority (RERA) guidelines, the J&K government anticipates an enhancement in the business environment within the union territory. The policy targets the development of approximately 2000 kanals (250 acres) of land annually through private industrial estates.

Procedural Guidelines and Timelines

To streamline the implementation of the policy, procedural guidelines and timelines for document issuance by revenue authorities have been incorporated. This ensures a systematic approach to the reimbursement of incentives outlined in the policy.

Land Transfer for Industrial Estate

In a parallel development, the Administrative Council has approved the transfer of state land measuring 2183 Kanal 14 Marla in Kathua district for the establishment of an industrial estate. This move is expected to play a pivotal role in the development of the region, creating numerous employment opportunities.

These strategic decisions underline the commitment of the J&K government to facilitate industrial growth, attract investments, and promote overall economic development in the union territory.

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