In a bid to bolster industrialization, employment and investments within the state, the Maharashtra Industrial Development Corporation (MIDC) has ratified circular dated 16th March 2024. This circular outlines the revival of land allocated to closed industries within MIDC Industrial Areas. Key features of the circular includes:
- Restart Timeline – Closed industries with Building Completion Certificates (BCC), inactive for the past 5 years from the circular’s issuance, are provided specific timelines based on land size to recommence operations.
Sl. No. Area of Land Duration for Restart 1 Up to 8,000 Sq Mtrs 3 Months’ 2 8,001 to 20,000 Sq Mtrs 6 Months’ 3 More than 20,000 Sq Mtrs 9 Months’ - Sublease / Subletting – Plot holders with unutilized land can sublet it to interested parties, adhering to established norms.
- Excess Land Surrender – Plot holders with surplus land can surrender it to MIDC, receiving compensation at prevailing rates, provided the land meets specific criteria mentioned in point no: 1.
- Land Surrender with Construction – Plot Holders can surrender land along with existing structures to MIDC, with compensation adjusted for any outstanding dues and demolition cost.
- Clearance of Financial Dues: – Prior to participating in the scheme, Plot Holders must settle any dues owed to banks or financial institutions.
- Non-Compliance Measures – Failure to act within the stipulated timeline empowers MIDC to reclaim the plots.
- Extension Provision – The Chief Executive Officer of MIDC can grant extensions of up to three months’ on a case-by-case after the initial deadline for restarting operations.
This circular aims to optimize land usage in industrial zones, potential rejuvenating dormant areas and stimulating economic growth and employment opportunities within the state. Overall, it aims to revitalize industrial areas and attract further investment to the MIDC industrial zones.
To view the circular Click Here.
ASCC Industrial Consultant
ASCC Pvt. Ltd. stands tall as a premier industrial real estate consultancy firm, based in Navi Mumbai, Maharashtra. Established in 2004, our primary goal has been to cater to the burgeoning demand for specialized expertise in the industrial broking and real estate sector.
With a commitment to excellence and customer satisfaction, ASCC Pvt. Ltd. has established itself as a trusted partner for businesses seeking Buy/Sell/Hire/ Lease of Industrial Real Estate PAN India.
To know more about us, Click here
Reach Us at
Ascent Supply Chain Consultants Private Limited (ASCC),
406 Raheja Arcade, Sector-11, CBD Belapur,
Navi Mumbai – 400614, MH – India.
Tel: 022-4897-4888
Email: info@ascc.in
Leave a Reply