INDUCTION OF CO-DEVELOPER FOR THE PAP PLOTS IN MIDC

Maharashtra Industrial Development Corporation a nodal agency for the Industrial growth in Maharashtra launches various schemes & policies for growth & benefits of Industries. For meeting the requirements of the Industries, there are various Industrial areas MIDC is coming up with.

In process of developing Industrial areas, MIDC acquires land from the farmers/property holder. Eligibility Criteria for land affected Person is Minimum 0.10.00 Hectare of land acquired for Industrial area or Industrial Society. Any land loser who has given consent for land acquisition will be eligible to get 15% of Industrial or 5% of commercial plot in place of total area which MIDC has acquired @ of 50 % of the prevailing cost.

There are certain set norms which are applicable to the PAP plots. They are:

  1.  PAP must have 51% of shares in the company.
  2.  PAP plot cannot be transferred to anyone Up till two years from the date of allotment to the PAP holder.
  3. There is no time bond for the development of PAP plot.
  4.  PAP plot can be transferred after two years from the date of possession with or without BCC.
  5. In case of first transfer i.e. from the PAP holder to the intending buyer, differential Premium is calculated at Industrial Rate.
  6. Out of the total area minimum of 33% has to be developed either for Industrial or residential Purpose.

MIDC have recently come up with a Co-Developer policy in which a PAP holder can appoint a developer for the development of plot. The silent features of the circular are:

  1. A PAP holder who has appointed Co-Developer should have 51% shares & hold the same up to 2 years from the date of Allotment.
  2. Agreement is must with the PAP/PAPs. There would be no addition cost to be paid for the appointment of Co-Developer.
  3. Validity of the GR is two years from 25/1/19.

Click here for the circular.

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