Thursday, March 1, 2012

Bhalla introduces bill to amend Transfer of Property Act

Minister for Revenue, Relief and Rehabilitation, Raman Bhalla today introduced in the Legislative Assembly a bill to amend the Transfer of Property Act, 1977.

In the statement of objects and reasons, the Minister said that 1000 Mega Watts Pakaldul, 600 MW Kiru and 520 MW Kawar Hydro Electric Projects on river Chenab are being developed by Joint Venture Company of State Power Development Corporation, NHPC and Power Trading Corporation on BOOM basis.

The MoU was signed by the State Government with NHPC and PTC on October 10, 2008 on the sidelines of the inauguration of Baglihar HEP-I in the presence of Prime Minister, he said, adding as per the MoU without prejudice to J&K Land Laws, the JVC will have exclusive rights over the projects.

Moreover, as per the Clause 10 of the MoU, the lease hold rights of the land required for the projects against payment of land revenue as fixed by the State Government will be granted initially for a period of 40 years, in accordance with the State law, and on the expiry of the period, the lease will be renewed for a further term not exceeding 40 years at a time subject to the maximum period of 90 years.

"The JVC has finally been registered and started functioning but it has been felt that the land has not been formally transferred to it for which a necessary provision is required to be incorporated in Section 140 of the Transfer of Property Act by way of amendment for carving out an exception in the favor of the company titled as Chenab Valley Power Projects (Private) Limited", the Minister said.

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