MIDC likely to hike industrial land rates

Lokmat News Network

Chhatrapati Sambhajinagar

The Maharashtra Industrial Development Corporation (MIDC) is likely to increase land rates in various industrial estates soon, according to official sources.

MIDC acquires land and develops industrial estates across the state. Under the new land acquisition law implemented in recent years, authorities are required to negotiate land prices directly with farmers. In industrial hubs like Chhatrapati Sambhajinagar, land prices have surged significantly.

Around 15 years ago, during land acquisition for Auric, farmers were paid approximately Rs 23 lakh per acre. The MIDC board reviews plot rates annually before finalising revised prices. Last year, however, the rates were kept unchanged. This year, senior sources have indicated a strong possibility of an increase in rates for both old and newly developed MIDC areas. Instructions in this regard have reportedly been communicated from the head office to the regional office.