The Karnataka Government has set the tone for Global Investors Meet (GIM) by bringing in amendments to the Karnataka Land Reforms Act 1961 to create land bank in the State.

State Minister for Revenue V Srinivas Prasad on Tuesday tabled the Karnataka Land Reforms and Certain Other Law (Amendment) Bill, 2014, in the State Assembly.

Deadline set

The Bill mandates the promoters of industries, educational institutions, places of worship and housing projects to surrender their land parcels to the government if they have not utilised the land within a period of 10 years for the purpose for which it was sanctioned.

In cases where the land cannot be utilised for the original purpose within the prescribed time and the land not returned to the government, approval will be cancelled and the land forfeited without compensation.

In such cases, decisions will be taken by a high-powered committee headed by the Chief Secretary on a case-to-case basis.

The Bill is meant to help prospective industries such as floriculture, horticulture, agro industries, educational institutions, housing projects and places of worship. Industry reaction

Commenting on the Bill, S Sampathraman, President of Federation of Karnataka Chamber of Commerce and Industry (FKCCI), said, “Industry accepts the responsibility of using the land for the intended purpose within a reasonable time, failing which the industry will accept the clause that the land will be forfeited to the government, but with compensation.”

“If the industry has submitted an application with a clear plan of land utilisation in stages at different periods of time, it should be honoured by the government,” he added.

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