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MIDC Announces Special Extension Scheme for Development of Industrial Plots

Special Extension Scheme for Development of Industrial Plots

In a significant move to support industrial growth in Maharashtra, the Maharashtra Industrial Development Corporation (MIDC) has issued a new circular introducing a special extension scheme. This scheme provides plot holders in industrial areas of the corporation with additional time to develop their plots, reflecting the MIDC’s understanding of the challenges faced by businesses in the post-COVID era.

Background of the Special Extension Scheme

The global economic recession and the aftermath of the COVID-19 pandemic have significantly impacted industrial development. Many entrepreneurs, despite initiating construction within a year of acquiring their plots or after securing a paid grace period, have struggled to obtain building completion certificates within the prescribed development period. The situation has led to demands from plot holders for more time to complete their projects. Recognizing the inflow of foreign direct investment (FDI) into Maharashtra and the demands from entrepreneurs and industrial associations, MIDC has decided to grant a one-time special extension to facilitate project completion.

Key Amendments in the Circular

The 400th meeting of the MIDC Board of Members, held on July 29, 2024, under Resolution No. 6801, led to several key amendments:

  1. Relaxation of Map Approval Conditions: The circular dated January 23, 2023, is amended to relax the condition of map approval for 90 days from the issuance date of this circular. A one-time surcharge of 5 percent at the prevailing rate will be applied.
  2. Extension of Application Deadline: The previous deadlines for applications under the Special Extension Scheme were extended from June 30, 2023, to February 21, 2024, as per the circular dated November 24, 2023. Now, the Chief Executive Officer, Mauvim, is authorized to grant further extensions on a case-by-case basis, provided complete applications are submitted within 90 days of the revised circular.
  3. Mandatory Approval and Completion: After receiving the special extension, plot holders must secure approval for their construction plans and obtain the building completion certificate within the extension period.
  4. Enforcement of Compliance: Plot holders who fail to utilize the extension scheme or comply with the conditions will face immediate action from the regional office, which will initiate a special campaign to reclaim such plots.

Impact of the Special Extension Scheme

This special extension scheme is a timely intervention by MIDC, designed to ease the burdens on industrial developers in Maharashtra. By offering this one-time opportunity, MIDC aims to encourage the completion of industrial projects, thereby promoting economic growth and stability in the region.

Conclusion

The special extension scheme by MIDC is a proactive measure to assist industrial plot holders in overcoming the challenges posed by the economic downturn. This initiative underscores MIDC’s commitment to fostering a conducive environment for industrial development in Maharashtra, ensuring that entrepreneurs can successfully complete their projects.

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