Jammu, Nov 3 (KNN) Micro, Small and Medium Enterprises (MSMEs) have demanded free hold rights for leasehold industrial land in the Jammu and Kashmir (J&K) union territories.

In this regard, Bari Brahmana Industries Association (BBIA) Jammu held a meeting on Monday to discuss the issue regarding the conversion of leasehold Industrial land into free hold by J&K Jammu and Kashmir State Industrial Development Corporation (SIDCO) for the existing unit holders.

The Members present in the meeting, while conveying their heartiest thanks Lt. Governor Manoj Sinha for offering free hold rights to the investors from outside the state for the purchase of land for industrial use as per the amendment done the state land laws, also requested the Governor for the grant of free hold rights to the existing units established by the local persons and the units working since last 15 years as per the state domicile law.

''It is pertinent to mention here that Delhi State Industrial Infrastructure Development Corporation Board (DSIIDC) has decided to transfer or regularize leasehold rights of industrial plots on nominal charges of 5-10 per cent of their market value,'' an official statement from BBIA said.

The industry body further said that the matter in respect of free hold rights of SIDCO land is pending with the state government since long & it was assured to us a number of times the matter will be resolved at the earliest but nothing has been done so far.

''The grant of freehold rights of SIDCO land in favour of unit holders will enable the unit holders to have the better credit facilities from the Banks/Financial Institutes. It will also provide window to unit holders  for the transfer of property by General Power of Attorney holders, cancelled lease deed, change of constitution, change in shareholding pattern and cancellation due to non-construction within the stipulated time will be regularized by paying nominal charges of 5 per cent to 10 per cent of the market value,'' it added.

BBIA requested the Lt. Governor to consider demand by conversion of Lease-hold rights by J&K SIDCO/SICOP into free hold rights in the proposed New Industrial Policy 2020.