Jaipur: In a move aimed at balancing industrialisation with labour welfare, RIICO has made amendments to its Flexible Land Lease and Rental Policy.Under the newly amended policy, land for worker housing will be allocated on a licence basis for an initial tenure of 30 years through bidding process. This lease can be extended by an additional 20 years.To keep the project financially viable for developers, the base rate for bidding is set at 5% annually of the prevailing industrial land rate in the respective zone. Rent will be collected on a quarterly basis and will feature 5% annual escalation.RIICO managing director Suresh Kumar Ola, said, “Furthermore, a two-year moratorium on payments will be provided for these long-term allocations to give developers a financial cushion during the initial construction phase.”He said the state’s initiative directly complements the central govt’s directives outlined in the Union Budget 2024 for developing dormitory-based rental housing for industrial workers.RIICO’s housing framework will similarly leverage the public-private partnership (PPP) model, backed by viability gap funding (VGF) to ensure high living standards and timely project execution.“Trained and permanent workers are the bedrock of any robust industrial development. Embedding housing facilities within industrial areas will directly boost factory productivity, lower attrition, and provide industries with skilled, regular workforce,” added Ola.The corporation has previously expanded its ecosystem to accommodate a wide variety of modern allied activities, including plug-and-play facilities, EV charging stations, sports complexes, nurseries, rural haats, and local food hubs, charting a holistic and sustainable path for the state’s industrial future.
