MIDC ownership laws

MIDC ownership: Basic laws.

MIDC ownership laws are based on long-term leasehold ways of basic rules, and particular rules set by the Maharashtra Industrial Development Corporation.

Leasehold Ownership Structure
MIDC usually does not sell land completely, but gives to out  /  sets side industrial plots on a 95-year lease basis, renewable after that.
Give out / set Allottees have occupancy and development rights as per their lease agreement, subject to MIDC’s conditions.

Subletting Rules
Ownership (leasehold rights) can be moved (from one party to to another party) only with MIDC’s written permission, and after payment of move fees (10% differential higher price / higher cost for developed plots, 30% for undeveloped plots).
Subletting or subleasing also needs / demands MIDC permission and payment of subletting charges (usually 3% of the current land rate per year of sublet).

Latest MIDC Land Rates for Industrial Plots in Maharashtra

The original give out / set aside must obey project development timelines (such as construction completion and production start), otherwise, moves (from one place to another) may be restricted.

Development Conditions
Allottees must get a Building Completion Certificate (BCC), begin production, and maintain shareholding as specifically said (original directors/shareholders keep/hold 51% for the first five years from possession).
FSI (Floor Space Index) and development must meet MIDC’s planning/zoning rules.
Failures or unauthorized, disobedience, default on payments) can lead to heavy penalties or cancellation of the lease and repossession of the plot by MIDC.

Public Sale or Direct Auction
MIDC may give out / set aside plots either by public sale (to the highest payer) or by entertaining regular/direct uses, especially to encourage industrial growth in certain areas.

Document Needed things
Move (from one place to another) or a change of ownership needs complete and thorough paperwork that proves or supports something, including a sale deed /assignment agreement, NOC from banks, law-related clearances, MIDC’s own approval, and registration with the sub-registrar.

These laws make MIDC ownership secure. The land remains under MIDC’s control with strict subletting and development rules


Best Regards
9819992800 – Atul
9819992310 – Sushant
www.midcwala.com