Tuesday, September 18, 2007

Bajaj Auto, go ahead and develop your freehold165-acre Akurdi complex!

Pune’s factories are already going the Mumbai mill-land way.

Driven by an 8 to 10 fold increase in land prices in the last 2/3 years, companies like Raccold Appliances, Greaves Cotton, Elpro International, Garware Nylon and Formica India are converting their factory premises into commercial or residential projects. Then why not you?

Most units in Pimpri Chinchwad industrial cluster stand on plots leased from the Maharashtra Industrial Development Corporation(MIDC), which develops industrial clusters in the state. One company could sell to another company as long as it is used for industrial activity.

But if a company wants to use the same land for some other purpose, it needs to get an approval from the state industry minister.

There are very few, older units like Bajaj Auto or Finolex Industries who have their land as freehold and can sell or develop their land.

read more | digg story

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