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Maharashtra Govt launches drive to curb land speculation in industrial zones

The Bharatiya Janata party-Shiv Sena alliance government in Maharashtra has launched a massive drive to curb land speculation. This drive targets those companies who have failed to use their allocated plots for industrial purposes within the stipulated time period.

To begin with, the state-run Maharashtra Industrial Development Corporation (MIDC) has already served more than 300 notices to land allottees who have got land in the MIDC run industrial estates under lease agreement but unable to develop industrial units within the given time frame. MIDC has so far reacquired more than 25 such plots that were lying idle while in over 100 cases, similar action is expected.

A state government official has clarified that while the government is quite keen to roll-out the red carpet for investments and promote industrialization, it won’t tolerate land speculation. ”There are over 280 industrial estates set up by MIDC in last five decades. In some such estates, promoters of industrial units have got land for a nominal rate on lease but they have not put up their projects despite sending reminders to them. More than 300 notices have been served so far and few more will be also issued to those who were unable to start their projects despite allocation of land since a long time,” the official told Business Standard.

The official explained that MIDC has a land bank of 80,000 hectares and the state undertaking is providing a customized package for the establishment of industrial units in the state. ”However,there is a tendency among the promoters to take the land but simply sit on it. This is nothing but land speculation and the government will take stern action in such cases,” he said. The official added that the promoter will have to use the land in the given time period or they will now face re-acquisition of land by MIDC.

Further, MIDC will work out a formula to reacquire the land allocated to the promoter whose industrial unit has turned sick or closed down after taking the incentives. ” In MIDC industrial estates, there are several units which are closed for a long time and there are no signs of their revival. These  units have taken the advantage of package scheme of incentives offered by the state government. There may be issues relating to the repayment of loans to the lenders and therefore MIDC will prepare an action plan whereby such lands can be reacquired and will be reallocated,” the official noted.

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