CREDAI Pune Metro Applauds Maharashtra Government’s IT Policy 2023 for Digital Transformation and Job Creation
Pune, 29th June 2023: The Confederation of Real Estate Developers’ Associations of India (CREDAI) Pune Metro has expressed its warm welcome to the newly announced IT Policy 2023 by the Government of Maharashtra.
Ranjit Naiknavare, President of CREDAI Pune Metro, praised the policy for its focus on digital transformation, stating that it would propel Maharashtra towards becoming a leading Digital Hub. He also acknowledged the efforts of the CREDAI team in coordinating with government departments to expedite the introduction of this policy, which is expected to have a positive impact on the real estate segment.
The IT Policy 2023 aims to attract significant investments amounting to 95,000 Crores, potentially generating around 3.5 lakh new jobs. This could subsequently lead to an export value of 10 lakh Crores, positioning the state as a technology capital through balanced development. The policy is designed to make Maharashtra the preferred choice for new IT companies seeking to establish operations in India or expand their existing presence.
One of the key provisions of the policy is the boost it will provide to the demand for commercial space, particularly for IT and ITES companies. The policy proposes several benefits such as the waiver of stamp duty, electricity duty, and water charges. Furthermore, the IT and Data Center industry will operate 24x7x365 days and fall under the Essential Services Maintenance Act (ESMA). Incentives for rental expenditure, electricity duty, power tariff, and property tax will be offered to encourage the presence of IT and ITES units across the state. Additionally, the policy allows for the establishment of IT Parks or IT Units in residential, no-development, and green zones, providing favorable conditions for the commercial segment of the real estate industry.
Under the policy, Greater Mumbai will receive an additional Floor Space Index (FSI) of 5, while other areas will have an FSI of 4. Relevant Development Control Regulations (DCRs), City Development Control Regulations (CDCPRs), and Urban Development Control Regulations (UDCPRs) will be amended accordingly by all concerned Special Planning Authorities (SPAs). Notably, no premium will be charged for additional FSI in Vidarbha, Marathwada, Dhule, Nandurbar, Ratnagiri, and Sindhudurg, while only 50% of the applicable premium will be charged in other developed areas of the state. These measures aim to foster well-spread infrastructure development across various regions of Maharashtra.
CREDAI Pune Metro sees the IT Policy 2023 as a significant boost to the real estate sector, creating opportunities for infrastructure development, job growth, and attracting investments. The organization remains optimistic about the positive impact this policy will have on the overall economic growth and development of Maharashtra.
