SEZ Policy of MIDC May Not Bring The Desired End: CREDAI

CREDAI shows its doubts over the success of Maharashtra Industrial Development Corporation’s (MIDC) newly launched SEZ policy which allows more SEZ land for residential development. CREDAI said that the new SEZ policy may not bring the desired end.

CREDAI’s national head Mr. Lalit Kumar Jain expressed his doubt over the success of new SEZ policy of MIDC. The apex body of real estate developers said that the policy to develop integrated Industrial Township would not be as successful as it is expected to be.

Mr. Jain asked how the policy will be successful when no taker has appeared for taking the SEZ land. So far, the SEZ lands have not been taken off despite the concessions offered.

Yet it- the new MIDC Policy is believed to benefit some of the builders who have stalled projects in the area. Some projects in the area have been halted due to some land- acquisition issues and tax laws revised by the Union Government. These builders will be able to find an exit from the area.

The policy is good as long as it will create higher number of employment in Maharashtra. CREDAI’s national head said that it should be welcomed in that sense.

Mr.Jain asked the government to consider how and why the new SEZ policy is not successful and the conversion of SEZ land is not as effective as it was expected to be.

SEZ have failed to take off despite the excess of concessions. This alone proves that the integrated industrial township will not bring any desired end or will be successful.

Mr. Jain said that the Union and Maharashtra state government must look into the SEZ issue very seriously. The Union and state governments should implement corrective measures too, Mr. Jain added. Only such steps will ensure the success of the SEZ Policy. If corrective measures are not taken the aims and objectives will never be achieved.

The MIDC plans to free around 35,000 acres of SEZ land for residential development through the new SEZ policy. With the new policy residential development will be possible in 40% of the total SEZ land. The remaining land will be used for industrial development.