ENA State 2024-10-28 14:24:22 <p><span style="font-size:14px"><strong>Jaipur, Oct 28 (KNN)</strong> Rajasthan State Industrial Development and Investment Corporation (RIICO) has announced a significant policy shift, introducing provisions for direct land allotment in select industrial areas to expedite industrial development.</span></p> <p><span style="font-size:14px">This decision comes as a response to longstanding industry demands, moving away fr0m the traditional auction system that has been criticised for inflating land prices and hindering the state's industrial growth.</span></p> <p><span style="font-size:14px">Under the new draft policy, entrepreneurs who have signed Memorandums of Understanding (MoUs) during the Rising Rajasthan investment initiative will be eligible for direct land allotment at reserve prices in designated industrial areas, excluding saturated zones.</span></p> <p><span style="font-size:14px">The evaluation process will consider multiple factors, including capital investment, employment generation potential, production timeline, and industrial experience, with the possibility of allotment within three weeks if approved by RIICO's evaluation committee.</span></p> <p><span style="font-size:14px">The policy introduces a special provision for Micro, Small, and Medium Enterprises (MSMEs), particularly those who participated in the Rising Rajasthan roadshows.</span></p> <p><span style="font-size:14px">These enterprises can receive land through a lottery-based system in identified subdivisions and rural areas at the reserve price.</span></p> <p><span style="font-size:14px">RIICO Chairman and Additional Chief Secretary Industries, Ajitabh Sharma, emphasised that the removal of minimum investment requirements would particularly benefit small industries seeking land through direct allotment.</span></p> <p><span style="font-size:14px">The application process will be conducted online, with land allocation determined through a lottery system for technically qualified applicants.</span></p> <p><span style="font-size:14px">The policy establishes strict compliance requirements, mandating production commencement within three years of allotment, with an additional two-year grace period subject to penalties.</span></p> <p><span style="font-size:14px">To facilitate the process, entrepreneurs can opt for a flexible payment structure, paying 25 per cent of the plot price initially and the remaining 75 per cent in instalments over three years.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39729 https://knnindia.co.in/news/newsdetails/state/riico-opts-direct-land-allotment-than-auction-for-industrial-plots-in-rajasthan 2024-10-28 14:24:22 knnindia.co.in