Mumbai, March 17 (NationPress) In a decisive effort to advance the Mumbai 3.0 initiative surrounding the Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu (MTHL) and the Navi Mumbai International Airport, the Maharashtra government has unveiled a government resolution (GR) authorizing an all-encompassing Land Acquisition and Allotment Policy featuring numerous incentives.

This policy is designed to facilitate the development of the 'New Town Development Authority' (NTDA) area along with all upcoming ventures spearheaded by the Mumbai Metropolitan Region Development Authority (MMRDA).

The state cabinet approved the initiative on February 10, and during his budget address on March 6, Chief Minister Devendra Fadnavis highlighted the government's strategy to propel the development of Mumbai 3.0 and entice clean industries such as data centers, IT, ITeS, and logistics, among others. The cabinet underscored that this policy will not create any direct or indirect financial burden on the state.

On Monday evening, the Urban Development Department released a GR appointing the MMRDA as the NTDA for an extensive area of approximately 323.44 sq. km. This area includes 124 villages spread across the Uran, Panvel, and Pen talukas of Raigad district. Importantly, forest lands, Coastal Regulation Zones (CRZ), and a 250-meter buffer zone around the boundaries of the Pen Municipal Council are excluded from this authority's scope.

The new policy introduces various compensation and rehabilitation frameworks aimed at balancing the infrastructural demands with the rights of local farmers and landowners.

Private landowners who voluntarily relinquish their land through negotiations will qualify for 22.5% of the developed land in return, adhering to the established CIDCO model. For those entitled to less than 40 sq.m. of developed land, direct cash compensation will be provided instead of physical plots.

Acquisition can also occur through Floor Space Index (FSI) or Transferable Development Rights (TDR). For landowners who do not consent, the government will proceed with compulsory acquisition as per the 'Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013', as outlined in the new policy.

To stimulate economic growth, the policy adopts strategies inspired by the Maharashtra Industrial Development Corporation (MIDC) to attract both global and local industries.

Investors contributing Foreign Direct Investment (FDI) will receive priority in land allocation. Eligible investors must secure a minimum of 100 acres and commit to an investment of at least Rs 250 crore per 100 acres within a four-year period. To promote industrialization in underdeveloped regions, a 'Pass-Through' policy has been established. This allows land to be allocated on an 'as-is-where-is' basis, with all acquisition and infrastructure expenses recoverable from the allottee in installments. The MMRDA has the authority to collaborate with land aggregators through Expressions of Interest (EOI) to create Special Purpose Vehicles (SPVs) for developing specialized 'Growth Centres', as stated in the policy.

The government has instructed the MMRDA to formulate a strong revenue model to ensure optimal returns from the infrastructure generated. Additionally, a high-level committee led by the Additional Chief Secretary (UDD-1) has been formed to address any disputes that may arise between the authority and landowners during the execution of this policy.

(For further information, contact Sanjay Jog at sanjay.j@ians.in)