CREDAI Expresses Doubt Regarding the Success of MIDC's New SEZ Policy
According to reports, CREDAI has some doubts regarding the Maharashtra Industrial Development Corporation’s (MIDC) revised Special Economic Zone (SEZ) policy. The updated policy permits a greater allocation of SEZ land for housing development. The Confederation Of Real Estate Developers remains skeptical about the MIDC's new industrial policy.
CREDAI is doubtful over the success of new industrial policy of MIDC.
CREDAI has voiced concerns, suggesting that the new industrial policy introduced by MIDC might not achieve the anticipated level of success. The Confederation Of Real Estate Developers remains apprehensive about the effectiveness of the new integrated Industrial Township development policy, with Mr. Lalit Kumar Jain, CREDAI’s national chief, expressing his reservations.
Mr. Jain questioned the potential success of the policy, given the lackluster performance of SEZ lands. In a statement, Mr. Jain asserted that the policy would falter without the provision of concessions.
However, the policy will benefit developers with ongoing projects in special economic zones, providing them with a potential resolution. Certain builders face project delays due to land acquisition issues or modifications in tax laws implemented by the Central Government.
CREDAI raises doubts over the success of MIDC industrial policy.
Mr. Jain acknowledged the policy's potential to boost employment within the state, suggesting that it should be welcomed under those circumstances. He urged the government to investigate the reasons behind the unsuccessful conversion of SEZs.
Despite the concessions already granted, SEZs have not flourished. This factor alone indicates that the integrated industrial township might not succeed or yield the anticipated results.
Mr. Jain emphasized the need for both the Union and state governments to address the matter seriously and implement corrective actions. He stated that achieving desired objectives hinges on such measures. With the implementation of the new policy, approximately 35,000 acres of SEZ land will become available for residential project development. The updated MIDC policy now permits residential development on 40% of the total SEZ land, a decrease from the previous 50%. The remaining land will be allocated for commercial development.