Section 12A(1)(b) in The Punjab Village Common Lands (Regulation) Rules, 1964
(b)By way of lease up to fifty per cent of the culturable area of Shamlat Land, vested in a Panchayat up to a period of 33 years to any corporation, company, body corporate or any legal entity, whose projects or schemes have been approved and sponsored by any of the Administrative Departments of the State Government under any law or policy, notified by the State Government.