House amends J&K transfer of Property Act, Samvat 1977

Jammu: The house on Saturday passed a bill to amend the Jammu and Kashmir Transfer of Property Act, Samvat 1977.
The bill was introduced by Minister for Revenue, Haj and Auqaf, Parliamentary Affairs Abdul Rehman Veeri and after thorough discussion; the bill was passed through voice vote.
While explaining the statement of objects and reasons to amend the Bill, the Minister said the transfer of immovable property in the State is governed by the Jammu and Kashmir Transfer of Property Act, (Samvat) 1977.
He said Section 139 of the said Act prohibits transfer of immovable property in favour of non-permanent residents of the state. He, however said, Section 140 of the Act carves out an exception where under transfer and lease of immovable property is permitted in favour of various Corporations, Companies, Boards, Societies and Institutions who are not natural persons but only legal entities. The transfer of immovable property in favour of such institutions is possible only if such Corporations/Boards etc are included in Section 140 of the Transfer of Property Act.
The Minister said the Jammu and Kashmir Energy Development Agency (JAKEDA) working under the administrative control of Science and Technology Department is mandated with promotion, development and implementation of Small Hydro Projects and Renewable Energy Projects in the State.
The Minister said with a view to permit transfer and lease of land in favour of JAKEDA, Section 140 of the Jammu and Kashmir Transfer of Property Act, (Samvat) 1977 needs to be amended to include the said agency in the exemption category. The house passed the bill through voice vote.