Prime News, Karnataka, Bengaluru, July 14:- The Karnataka government has imposed strict rules to ensure that up to two acres of land allotted are used for industrial purposes only.
The order issued by the Government said that the leased land from Karnataka Industrial Areas Development Board (KIADB) and Karnataka State Small Industries Development Corporation (KSSIDC) the lease cum sale period should be fixed at 10 years from the date of execution of lease cum sale deed even if the project is implemented and 50 per cent or more allotted land has been utilised.
The state order further said that enterprises have to clear al the dues before execution of absolute sale dead. After the execution of sale deed, the land or shed should be utilises only for industrial purposes.
State order stipulated that Micro, Small and Medium Enterprises would be defined as per MSMED Act, 2006. Micro enterprises should invest 25 lakh on investment on plant and machinery, small enterprises 25 lakh to 5 crore and medium enterprises 5 crore to10 crore.
On July 5, the State Cabinet has cleared an amendment to the KIADB rules for allotting lands on 10-year lease-cum-sale instead of 99-year lease.