MIDC Subletting Calculation
MIDC Subletting Calculation
Midcwala Team can help you to sublet a plot in Maharashtra Industrial Development Corporation (MIDC), there are a few things you need to keep in mind. The subletting fee in MIDC is calculated based on the area being subletted and the applicable rate. The fee is payable in advance for the entire period of the sub-lease, and you need to apply for permission from MIDC before subletting your plot.
The subletting formula in Maharashtra Industrial Development Corporation (MIDC) involves calculating a subletting fee based on the area being subletted and the applicable rate. Here’s a breakdown:
Subletting Fee = Area Subletted x Subletting Rate
Area Subletted: This is the square meterage of the MIDC plot being subletted.
Subletting Rate: This is a percentage of the MIDC land rate and varies based on the purpose of subletting:
- 3% of MIDC land rate: For industrial and commercial purposes.
- 1% of MIDC land rate: For IT & ITES purposes.
Additional Points:
- The subletting fee is payable in advance for the entire period of the sub-lease.
- You need to apply for permission from MIDC before subletting your plot.
- There are specific conditions and restrictions associated with subletting, outlined in MIDC’s policies and circulars.
Example:
Let’s say you own a 2,000-square-meter plot in the TTC MIDC area allocated for industrial purposes. You currently use only 1,000 square meters for your manufacturing unit and wish to sublet the remaining 800 square meters.
Subletting Fee Calculation:
- Area Subletted: 800 square meters
- Subletting Rate (Industrial Purpose): 3% of MIDC land rate
- Assume MIDC Land Rate: Rs. 25,108/- per square meter
Calculation:
Subletting Fee = 800 sq m * 3% * Rs. 25,108 sq m = Rs. 602,592/-
Therefore, the subletting fee for this example would be Rs. 602,592/- payable in advance for the entire sub-lease period.
Remember, It is important to note that specific conditions and restrictions are associated with subletting, which are outlined in MIDC’s policies and circulars. Therefore, it is crucial to consult with MIDC or a qualified professional for accurate and updated information about subletting procedures and fees.
For further assistance or information, contact
Sushant Bhilare +91 9819992310.
sushant@midcwala.com
www.midcwala.com
Do you have any circular from MIDC about the calculation of Sub-Leased charges ?
Yes Sir,
We discussed on subletting charges