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MIDC land to be opened up for affordable housing

DNMUM429776 | 1/11/2019 | Author : Sanjay Jog | WC :304 | Business & Economy

DNA Exclusive

Mumbai: Land parcels housing sick and closed industrial units - across the state - can now be used for developing affordable housing and other industries.
The revival package envisages an exit route for unviable and closed units, who will be offered a special amnesty scheme for waiver of interest and penalty if the principal dues of the government are paid in a single instalment. The one-time settlement scheme will be announced by the Maharashtra State Finance Commission.
Initially, the State proposes to allow units that have been ailing or shut continuously for more than five years, and have a minimum of 50,000 sq mt of land.
These have to be in Maharashtra Industrial Development Corporation (MIDC) a
Read full story Seventy per cent of the land will have to be used for industrial purpose, while 30 per cent will have to be allotted to residential and support services purposes. Units that have reaped the benefits of the state’s Package Scheme of Incentives, will be covered under this proposal.
To make the proposed development economically viable, MIDC will offer 4 floor space index. If 50 per cent of residential FSI is utilised for Awas Yojana, an additional 1 FSI will be permissible. For non-PMAY area, MIDC will charge an additional premium.
“MIDC manages 289 industrial complexes spread over 66,000 plus hectares of land,” said an official from the State industries department, “and it is in the midst of compiling details about the exact number of units entitled for the revival scheme. One such project will free up 15 lakh sq ft, 70 per cent of which will be used for developing an industry related to the IT sector and non-polluting industries. Initially, even if 20-odd projects come under the scheme, 30 million sq ft will open up.”

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