Government of India has announced its policy to permit 100% Foreign Direct Investment (FDI) for development of integrated township. In order to encourage private investment in housing sector and to facilitate housing at affordable prices, the following incentives will be available for projects under Special Township Area:
i) Non-agriculture permission will be automatic.
ii) Exemption from Urban Land (Ceiling and Regulation) Act, 1976.
iii) Government Land falling under township area shall be leased out to the developer at the current market rate.
iv) The condition that only agriculturist will be eligible to buy agriculture land shall not be applicable in Special Township Area.
v) There shall be no ceiling limit for holding agriculture land to be purchased by the owner/developer for such project.
vi) There will be floating FSI in the township. Unused FSI of one plot can be used anywhere in the whole township.
vii) The stamp duty rates applicable in the Special Township area shall be 50% of prevailing rates .
viii) A Special Township Project shall be partially exempted from payment of scrutiny fee for processing the development proposal.
ix) 50% concession in payment of development charge.
x) Development of basic infrastructure and amenities shall be an integral part of the project.
Application for permission for development: Section 44(2) of the Maharashtra Regional & Town Planning Act 1966 provides that any person intending to execute a Special Township Project on any land, may make an application to the State Government, and on receipt of such application the State Government may, after making such inquiry as it may deem fit in that behalf, grant such permission and declare such project to be a Special Township Projects by notification in the Official Gazette or, reject the application.