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Assembly passes bill to amend J&K Transfer of Property Act

Press Trust of India  |  Jammu 

The Assembly today passed a bill to amend the Transfer of Property Act, to allow transfer and lease of land in favour of the state's development agency

The amendment bill, introduced by for Revenue and Parliamentary Affairs Abdul Rehman Veeri, was passed through voice vote after thorough discussion.

Explaining the statement of objects and reasons to amend the bill, the said the transfer of immovable property in the state is governed by the Transfer of Property Act.

He said Section 139 of the act prohibits transfer of immovable property in favour of non-permanent residents of the state.

However, section 140 of the act carves out an exception wherein transfer and lease of immovable property is permitted in favour of various corporations, companies, boards, societies and institutions that are not natural persons but only legal entities.

The transfer of immovable property in favour of such institutions is possible only if such corporations or boards are included in section 140 of the act.

The said the Development Agency (JAKEDA), working under the administrative control of the Science and Technology Department, is mandated with promotion, development and implementation of small hydro projects and projects in the state.

The said with a view to permit transfer and lease of land in favour of JAKEDA, section 140 of the act was needed to be amended to include it in the exemption category.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, February 10 2018. 22:10 IST