CREDAI remains doubtful over the success of Maharashtra Industrial Development Corporation’s (MIDC) new SEZ policy. As per the new policy more Special Economic Zones (SEZ) land is provided for housing development.

CREDAI is doubtful over the success of new industrial policy of MIDC.

CREDAI said that the new industrial policy of the MIDC may not be as successful as it is expected to be. The apex Confederation Of Real Estate Developers remains doubtful over the success of the new policy to develop integrated Industrial Township. CREDAI’s national chief Mr. Lalit Kumar Jain expressed his doubt.

Mr. Jain asked how the policy will be successful as the SEZ lands have failed to take off. He said in a statement that the new policy will fail as long as no concession is offered.

However the policy will give benefit to some developers who have stuck- projects in the special economic zones. They will find a way out. Some of the builders have some projects which are halted by some issues related to land acquisition or altered tax laws by the Central Government.

CREDAI raises doubts over the success of MIDC industrial policy.

Mr. Jain said that the policy is good as it will generate higher employment in the state. He said that in that case the policy should be welcomed. He asked the government to note down why and how the conversion of SEZ is not successful.

In spite of all concessions provided, SEZ have failed to take off. This sole factor alone proves that the integrated industrial township will not be successful and will not bring any desired end.

Mr. Jain said that the Union and state government should look into the matter seriously and should implement corrective measures. He added that only with such steps they can ensure that the aims and objectives are achieved.

With the implementation of new policy, nearly 35,000 acres of SEZ land will be freed to develop residential projects. The new MIDC policy permits residential development in 40% of the total SEZ land as against the previous 50%. The rest of the land will be utilized for commercial development.