Maharashtra Industrial Development Corporation – MIDC announced its new industrial policy in the state. Mumbai Real estate is said to gain benefits from this new policy.

Mumbai real estate builders welcomed new industrial policy despite scam allegation.

The new industrial policy announced by the Maharashtra Industrial Development Corporation – MIDC gives new hope to the Mumbai Real estate developers. This new policy remains as a New Year jackpot for the Mumbai Real estate developers.

MIDC decided to free nearly 35,000 acres of land in the special economic zones (SEZ) for developing residential projects. As per the new policy, around 40% of the total available SEZ land can be used for residential developments. The remaining 60 % of the land will be used for commercial development.

Mumbai real estate will receive New policy from the hands of MIDC.

The state government expects to generate Rs.3.08 lakh Cr in the form of revenue. Bhushan Gagrani, CEO at MIDC, said that this SEZ land has been lying idle for the last five years. He opined that this step of government will boost industry. Industry will grow and will be able to create thousands of job opportunities.

With the new policy Bharat Forge became the largest real estate developer. They hold nearly 11,500 acres in Pune of Mumbai Real estate.  This is more than the 7,900 acres land bank of DLF, another established Mumbai Real estate developer.

Reputed industrialist Mukesh Ambani and his co are also thankful to this new policy as it enabled his Reliance group to purchase nearly 7,500 acres in the state.

Mr. Gagrani strongly refuted the activists who alleged the state of real estate scam. Defending the government decision he said that in the past only 50% of total SEZ land was given to the industries. This year the government has raised it to 60%. He said that the builders can build houses in the remaining land and sell them openly in the Mumbai Real estate market.

Lawyer turned social activist YP Singh criticized that the decision related to land must be taken by the housing ministry of the state. He said that it was wrong for industrial ministry to take decisions related to land. He alleged Narayan Rane, the minister for industries, of land scam.

Mr. Gagrani refuted him saying that there existed no chance for any real estate scam. He pointed that the real estate builders will be able to build homes only once the industrial development is over.

The state government first started separating land under SEZ nearly a decade back. The land was acquired from the farmers. Some changes in the SEZ policy was implemented in 2005- 2006 period.

While Ulka Mahajan, another Raigad- based activist criticized the policy, many real estate developers welcomed it. Hiranandani Group’s MD Niranjan Hiranandani said that such policy was the need of the hour as to provide homes for all. Yet he was not confident over the implementation of the policy. There are many who opine that the policy was implemented in view of 2014 general election.