RIICO drafts rules for direct land allotment in Rajasthan
29 Oct 2024
2 Min Read
CW Team
In response to industry demands, the Rajasthan State Industrial Development and Investment Corporation (RIICO) has introduced a draft policy allowing the direct allotment of land in select industrial areas. This move aims to accelerate industrial development by eliminating the current auction-based system, which has been criticized for inflating prices and hindering the state鈥檚 industrial growth.
Under the draft, industrial plots or land in designated areas (excluding saturated zones) will be offered at reserved prices. Entrepreneurs who signed Memorandums of Understanding (MoUs) with the state government ahead of the Rising Rajasthan investment summit will be eligible for land allotment at prevailing reserve prices.
The draft policy emphasises capital investment, employment generation, production timelines, and prior industry experience for eligibility. Projects approved by RIICO鈥檚 evaluation committee can receive land allotment within three weeks.
A separate lottery-based mechanism has been proposed for direct land allotment to Micro, Small, and Medium Enterprises (MSMEs) in rural areas and identified subdivisions. MSMEs that participated in Rising Rajasthan roadshows will also be eligible for land under the reserve price scheme.
Ajitabh Sharma, RIICO Chairman and Additional Chief Secretary (Industries), stated, 鈥淲e have removed the minimum investment requirement to ensure smaller industries can benefit from direct land allotment to establish their projects.鈥�
The application process will be online, and industrial plots will be allotted through a lottery to applicants meeting technical qualifications. The policy sets a production timeline, requiring operations to begin within three years of allotment. Intermediate milestones will also be monitored, with an option to extend the timeline by two years subject to penalties.
The scheme offers flexibility in payments, allowing beneficiaries to pay 25% of the plot cost at the time of allotment and the remaining 75% in instalments over three years. This initiative is expected to help entrepreneurs who have previously faced delays in starting their projects due to a lack of land.
(ET)
In response to industry demands, the Rajasthan State Industrial Development and Investment Corporation (RIICO) has introduced a draft policy allowing the direct allotment of land in select industrial areas. This move aims to accelerate industrial development by eliminating the current auction-based system, which has been criticized for inflating prices and hindering the state鈥檚 industrial growth.
Under the draft, industrial plots or land in designated areas (excluding saturated zones) will be offered at reserved prices. Entrepreneurs who signed Memorandums of Understanding (MoUs) with the state government ahead of the Rising Rajasthan investment summit will be eligible for land allotment at prevailing reserve prices.
The draft policy emphasises capital investment, employment generation, production timelines, and prior industry experience for eligibility. Projects approved by RIICO鈥檚 evaluation committee can receive land allotment within three weeks.
A separate lottery-based mechanism has been proposed for direct land allotment to Micro, Small, and Medium Enterprises (MSMEs) in rural areas and identified subdivisions. MSMEs that participated in Rising Rajasthan roadshows will also be eligible for land under the reserve price scheme.
Ajitabh Sharma, RIICO Chairman and Additional Chief Secretary (Industries), stated, 鈥淲e have removed the minimum investment requirement to ensure smaller industries can benefit from direct land allotment to establish their projects.鈥�
The application process will be online, and industrial plots will be allotted through a lottery to applicants meeting technical qualifications. The policy sets a production timeline, requiring operations to begin within three years of allotment. Intermediate milestones will also be monitored, with an option to extend the timeline by two years subject to penalties.
The scheme offers flexibility in payments, allowing beneficiaries to pay 25% of the plot cost at the time of allotment and the remaining 75% in instalments over three years. This initiative is expected to help entrepreneurs who have previously faced delays in starting their projects due to a lack of land.
(ET)
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