MIDC extends payment deadline for entrepreneurs by 90 days

New deadline for the industrialists unable to pay for their plots

Chhatrapati Sambhajinagar: The Maharashtra Industrial Development Corporation (MIDC) has decided to extend the payment deadline for entrepreneurs who were unable to pay for their plots due to the Covid-19 pandemic or due to unavoidable circumstances. The extension will be granted for a period of 90 days from the date of the plot allotment letter.

According to MIDC's plot allotment rules, entrepreneurs are required to deposit the cost of the plot within 30 days of receiving the allotment letter. Failure to do so results in a penalty with interest as per MIDC policy. However, due to the economic impact of the pandemic, many industries have been unable to recover, and some entrepreneurs were unable to pay the remaining amount of the plot to MIDC due to unavoidable circumstances beyond their control.

MIDC has decided to grant an extension of 90 days to such entrepreneurs to pay for their plots. The chief executive officer of MIDC has been given the authority to grant a 30-day grace period to those applying for the extension.

The Covid pandemic has had a significant impact on the industrial sector, and MIDC's decision to extend the payment deadline will provide much-needed relief to entrepreneurs who have been struggling to pay for their plots. The extension is expected to ease the financial burden on entrepreneurs and help them get back on their feet.