MADC mulls rate hike for Mihan land

Nagpur: The Maharashtra Airport Development Company (MADC), which will be finalizing its deal with IT major Infosys Limited to lease 140 hectares of land in the Mihan-SEZ on February 28, feels it's time to revise the land rates. The MADC, which is the promoter of the Mihan project, says revision is necessary due to growing demand and changing times.
This was revealed by MADC's vice-chairman-cum-managing director UPS Madan who was in the city to attend a business seminar. Since 2007, the MADC has been charging Rs 60 lakh an acre.
"There was no hike due to global recession. Revised figures will be put up before the board for a final decision," said Madan.
So far, the MADC has hiked the rates 3-4 times after starting from Rs 19 lakh an acre in 2004. "Even though there are cheaper SEZs in the country, Mihan can command a higher price due to the infrastructure here," said Madan.
Madan said that things have begun to move once again in Mihan. "IT companies which have been allotted land have now drawn plans to start work. TCS too plans to start its project by next month. Satyam and HCL too will do likewise soon," he said.
25/02/12 Shishir Arya/Times of India

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Categories: airports Feb 2012