Ahead of investors summit, MP government approves real estate, infrastructural measures

The State cabinet has approved the new MP Real Estate Policy and MP Electric Vehicle Policy-2019.

Published: 15th October 2019 10:42 PM  |   Last Updated: 15th October 2019 10:42 PM   |  A+A-

Kamal Nath

Madhya Pradesh Chief Minister Kamal Nath (File photo | PTI)

By Express News Service

BHOPAL: Three days before hosting the Magnificent Madhya Pradesh Investors Summit in Indore, the Kamal Nath government approved few investor-friendly decisions, including granting approval to the  MP Real Estate Policy and MP Electric Vehicle Policy-2019.

On Tuesday, the state cabinet approved its new Real Estate Policy, in which arrangement has been made to curtail provisions for immediate permission for small houses for citizens.

Arrangement has been made to cut down the provisions for Nuzul NOC, Coordination in the documents of Revenue, Town and Country Planning and Urban Bodies, return of excess land through land pulling, procedure for transparent decision for old schemes and to release mortgaged property in phases. The same has also been made to make five documents essential instead of the previous 27 types of documents.

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Provisions such as 'One State One Registration' for colonizers, elimination of two-hectares limit to prevent illegal colonization, permission in three phases for development and completion of the colony and exemption from the construction of EWS have also been made.

Similarly, for investors, many provisions in revenue like free FAR (floor area ratio) on limit of area and to boost investors involved in construction of EWS/LIG have been made in the new Real Estate Policy.

The cabinet also cleared the MP Electric Vehicle Policy-2019 for strengthening urban public transport, which will reduce air pollution in cities and promote non-petroleum products. Provision has been made in the policy for charging, infrastructure development and exemption in manufacturing of electric vehicles and its components. Hundred percent exemptions from motor vehicle tax and registration tax will be given on purchase of electric vehicles.

There is also a provision for hundred percent exemptions from parking fee under the urban bodies for the first five years. Along with this, new employment will be created by imparting training to engineers and technicians.

Further, amendments in the state’s Minor Mineral Law 1996 were also cleared. Excavation lease will be allotted directly on obtaining bank guarantee of Rs 2 crore on the proposals for Minor Mineral based on a minimum investment of Rs 25 crore for new industry/expansion.

In the Schedule-1, a new minor mineral 'Manufactured Sand' (M-Sand) is being included with the proposed royalty of Rs 50 per cubic meter. This provision will facilitate creating employment opportunities at local level along with the receipt of additional mineral revenue.

The Cabinet also approved the MP MSME Development Policy 2019, where provisions have been made for special package for concessions to the selected sectors like pharmaceuticals, textiles and power-loom, grant on plant and machinery along with building and additional grant to the units run by women/SC/ST entrepreneurs.

Moreover, the cabinet also cleared the ‘Madhya Pradesh Startup Policy 2019, which will be effective from April1, 2020 and help in enhancing facilities provided to the incubators and startups. It will benefit new entrepreneurs of the state, wishing to establish their startups with new products and innovative ideas.

The cabinet also approved the MP Bed and Breakfast Establishment Scheme 2019 in the series of new schemes to create employment opportunities in tourism sector and to facilitate tourist with accommodation facility. The scheme is aimed at providing domestic and foreign tourists with accommodation and snacks/meals at affordable rates, familiarizing domestic and foreign tourists with Indian culture and hospitality. 

It will also facilitate citizens to earn income with additional capacity available in their houses and creating employment opportunities, developing and augmenting accommodation facilities for tourists at the local level and to expand the tourism accommodation facility through private sector in the state.

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