J&K: Incentives for private industrial clusters

Jammu, January 19

The Jammu and Kashmir administration has amended its industrial development policy to ensure a slew of benefits to private enterprises willing to set up new industrial clusters in the Union Territory.

The amendments in the Jammu and Kashmir Private Industrial Estate Development Policy (PIEDP), 2021-30 were approved by the Administrative Council (AC) chaired by Lieutenant Governor Manoj Sinha on Thursday, an official spokesperson said.

As per the revised policy, private developers and upcoming industrial clusters will get benefits such as up to 100 per cent reimbursement of stamp duty on land purchases, change of land use charges, and registration charges.

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 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,” an official said.

The policy outlines timelines for document issuance by revenue authorities and procedural guidelines for reimbursement of incentives, the spokesperson said.

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.