PAP Plots MIDC
PAP Plots, MIDC implements various schemes and policies to foster the growth and advantages of industries. To address the needs of industries, MIDC is developing various industrial areas, including MIDC PAP Plots, which are designated for industrial and commercial activities.
MIDC PAP Plots are established through the acquisition of land from farmers and property holders.
These plots, known as Project Affected People (PAP) plots, are allocated to land losers who have consented to the land acquisition.
Eligible land losers are entitled to receive 15% of industrial or 5% of commercial plots in exchange for the total area acquired by MIDC at 50% of the prevailing cost, along with a minimum of 100 meters of land and compensation.
The regulations applicable to the PAP plots include:
PAP must hold 51% of shares in the company.
The PAP plot cannot be transferred to anyone within two years or five years from the date of allotment.
There is no time limit for the development of the plot.
The PAP plot can be transferred after two years from the date of possession with or without a Building Completion Certificate (BCC).
In the case of the first transfer from the PAP holder to the intending buyer, a differential premium is calculated at the industrial rate.
A minimum of 33% of the total area must be developed for industrial or residential purposes.
MIDC has recently introduced a co-developer policy, allowing a PAP holder to appoint a developer for the plot’s development. The key features of this policy include:
The PAP holder appointing a Co-Developer must hold 51% shares and maintain the same for two years from the date of allotment.
An agreement with the PAP is mandatory, and there are no additional costs for appointing a Co-Developer.
The validity of the circular is two years from 25/1/19.
For industrial plot requirements across India, Midcwala Industrial Broker can assist you. You can reach out for your industrial needs
Regards,
9819992310 – Sushant
9819998900 – Koyana
sushant@midcwala.com
Midcwala Services Pvt. Ltd.
www.midcwala.com
