Mumbai, Jan 23 (KNN) In a move that would cut 75% of the total value paid by the industries as land transfer charges, the Maharashtra Government has decided to charge only  just 25% of the total value of land as transfer charges payable on the sale of plots leased out by the Maharashtra Industrial Development Corporation (MIDC).

According to a report on Mint, the state government made the decision on 17 January post which the buyers would now have to pay just 25% of the total value of land as transfer charges as against the earlier norm of paying 100%. However, this is only applicable if the land parcel is being used for industrial purposes.

The Maharashtra chief minister Devendra Fadnavis, who also holds the urban development portfolio, told the leading daily Mint that the idea was to facilitate industrial use of vacant plots of land or those plots where the manufacturing units have turned sick.

Fadnavis said the reduction in transfer charges only applies to those plots which were leased out by the MIDC for industrial purposes but which for some reason have failed to do so or stopped delivering this purpose. He added that the decision would help supply land for industries where MIDC has set up industrial estates, particularly in the Thane-Belapur industrial belt and the larger Mumbai Metropolitan Region.

However, the old charges of 100% will continue to apply if the land is transferred for commercial or residential purposes, the Maharashtra chief minister clarified.