MIDC gets back unused 100 acres from investors

MIDC

However, if the affected party does get back with a valid reason, the MIDC has been giving them time frame.

The MIDC has acquired around 56,000 hectares of land in the last 45 years to develop nearly 233 industrial estates across the state. Senior officials said the move helps unlock industrial land if the investor does not use the land within the stipulated time frame.

Industrial law

According to the State Industries Department, the state is looking at replicating a provision in the industrial laws that allows it to take back industrial plots from investors if production does not start in the given time frame. The MIDC will, however, allow the investor to hold back plots if a certain percentage of construction has taken place. No construction was done on the plots taken back in Pune. The MIDC had issued 3,033 notices to various industrial land owners who had not started construction. As per the policy, a developed region is allotted three years to start work in the area while a backward area is given five years. Pune is followed by Kolhapur, Thane, Amravati and Aurangabad.

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