Out of 150 acres of land, around 90 acres of land will be available for distribution among entrepreneurs on lease hold basis. KRL will be following the Unified Land Lease Policy for KINFRA & KSIDC – 2024 in the KRL Industrial Complex.
Land Allotment Procedure:
- Application form (Form A) for allotment of land to be submitted along with project profile clearly indicating raw material, process flow diagram and final product and DD of INR 5000 plus applicable GST drawn in Favor of KRL payable at Velloor, Kottayam District.
- Clearance by the District Industries Land Allotment Committee.
- Release of intimation letter (Form B) to the allottee. Allottee to remit 10% of the lease premium as EMD within 30 days.
- Upon remittance of EMD, allotment letter (Form D) will be issued. Allottee to remit 50% of the lease premium within 30 days.
- License agreement with a validity of 24 months (Form E) will be executed with the allottee. Allottee to submit drawings, initiate construction, install machinery and start commercial production within 24 months. Balance lease premium (40%) is to be remitted within 2 Years with interest @ 12.5% p.a.
- Lease deed (Form F) will be executed for 28 years upon the initiation of commercial production.
- In case of cancellation of the allotment, 10% of EMD will be forfeited.
Land Lease Premium:
Land lease premium is expected to be around Rs. 1.95 crores for 1 acre.