The MIDC will soon provide 50 small and medium-sized enterprises (SMEs) with land at 30% cheaper rates as part of the Make in India plan.

According to a recent circular, the Maharashtra Industrial Development Corporation (MIDC) will exempt the SMEs project from the new plot rates announced on January 7. It said the older rates will be applicable to these industrial projects. This move will provide the new SMEs a benefit of 30% cheaper land rates.

The MIDC had hiked industrial plot rates in Satpur and Ambad industrial estates by 50%, from Rs 2,660 per sq metre to Rs 4,000 per sq metre with effect from January 7, while the industrial plot rates had been increased from Rs 865 per sq metre to Rs 1,125 per sq metre in Sinnar industrial estate. In Vinchur, the industrial plot rates had been hiked from Rs 90 to Rs 120 per sq metre.

But as per the circular issued by the MIDC, projects which signed MoUs with the state during the Make in India week in Mumbai (Feb 13 to 18), have been exempted from these new land prices giving them a huge financial advantage.

Speaking to TOI, an official from industry department of the state government said, “The MIDC’s decision to exempt Make in India projects from new land rates, will benefit to 50 SMEs projects in Nashik, which are to be set up in MIDC areas in the district.”

During the Make in India week in Mumbai, the state government signed a total 2,594 MoUs with investment totally worth Rs 7.94 lakh crores and the auto major Mahindra & Mahindra and other 158 SMEs in signed MoUs with the state for investments worth Rs 2,326.55 crore for Nashik district.

Of the 158 SMEs, 50 are coming up in Sinnar, Satpur, Ambad, Vinchur, Sayane (Malegaon) industrial estates of MIDC in the district, while rest 108 are coming up at private industrial estates like Gonde, Wadiwarhe, Janori and co-operative estates, and therefore they will not be benefiting from the decision.