RIICO Opts Direct Land Allotment Than Auction For Industrial Plots In Rajasthan

Jaipur, Oct 28 (KNN) 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.

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.

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.

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.

The policy introduces a special provision for Micro, Small, and Medium Enterprises (MSMEs), particularly those who participated in the Rising Rajasthan roadshows.

These enterprises can receive land through a lottery-based system in identified subdivisions and rural areas at the reserve price.

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.

The application process will be conducted online, with land allocation determined through a lottery system for technically qualified applicants.

The policy establishes strict compliance requirements, mandating production commencement within three years of allotment, with an additional two-year grace period subject to penalties.

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.

(KNN Bureau)