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ODISHA INTRODUCES LAND REGULATION FOR INDUSTRIAL DEVELOPMENT

Wed, 23rd Nov 2016 (Source:Odishanewstune.com)

The State Government has enacted a land regulation to control the disposal of land, building and amenities under IDCO which will make it easy for companies to set up and operate in the State.
 
As per the regulation, IDCO will allot land for establishment of industrial estates, industrial area and industrial units for a lease period of upto 90 years. There will be a moratorium period of five years for large and mega projects and three years in case of micro, small and medium industries for construction and implementation of the projects. 
 
Another key element of the regulation covers allotment of land by IDCO for Special Purpose Vehicle for the purpose of operation of downstream and ancillary industries. This is expected to significantly drive the growth of this focus sector which is part of the Vision 2025 for industrial development in the State. It is worthwhile to note than IDCO has earmarked a land bank of 100,000 acres for industrial development and introduction of this regulation will significantly facilitate industrial development on this land bank in the State.
 
This move by the State Government will ensure that any land allotted for industrial purposed does not remain unutilized beyond a stipulated period. Any post allotment activities such as change of activity, transfer of ownership shall be taken up by IDCO as per the terms and conditions of the allotment. Any breach of terms and conditions of lease deed/allotment will invite cancelation and resumption of land. Earlier this year, IDCO had introduced an online system called Automated Post Allotment Application (APAA) to deal with all post-allotment applications in a transparent and time bound manner.
 
The State was recently recognized as a ‘Leader’ by the Government of India and World Bank in terms of implementation of business reforms this year with 40% points jump in the ease of doing business score over last year. Introduction of this land regulation provides clear direction on the procedures of disposal of land, building and amenities by IDCO and will help in improving transparency and faster setting up of industrial infrastructure facilities as well as specific industrial units in the State

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