Special Correspondent

RIICO offers revised payment schedule and incentives for cash down payments

JAIPUR: To provide relief to entrepreneurs and give a fillip to industrialisation in the State, the Rajasthan State Industrial Development & Investment Corporation (RIICO) has announced a new amnesty scheme.

The scheme, valid up to March 31 next year, offers relaxation in time schedule for project implementation, revised payment schedule and incentives for cash down payments.

The amnesty package will also give relief to entrepreneurs by way of compounding unauthorised construction in industrial plots at a reduced fee.

RIICO has also decided to regularise excess land up to 10 per cent of the allotted industrial land on the prevailing rate of the industrial area concerned. Beyond the above land area, excess land will be regularised at 1.25 times the above rate.

RIICO Managing Director Alok said that under the amnesty scheme an allottee would be given five years’ time instead of three years at present for starting production without observing any intermediate milestones like commencement and completion of construction activity. Also for the new allottees, a revised payment schedule and incentive for cash down payments has been announced.

Now an allottee in this category will have to pay 25 per cent development charges as pre-requisite payment of application along with security money as per rules. The remaining 75 per cent development charges will be recoverable in a maximum of 19 quarterly instalments. In the case of under-developed industrial areas, the initial five quarterly instalments will be interest-free. In the developed industrial areas, the initial three instalments only will be interest-free.

If an allottee makes 100 per cent cash down payment, a 10 per cent cash discount will be allowed in the industrial areas which are under development. In the case of allotment of industrial plots through auction, regularisation of excess land up to 10 per cent of the allotted land will be done on the auction rate or the prevailing rate of development charges (cost of land), whichever is higher. In the case of excess land more than 10 p.c. of the allotted land, it will be regularised at 1.25 times the auction rate or the prevailing rate of development charges, whichever is higher.