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The Maharashtra Industrial Development Corporation (MIDC) has directed Indiabulls Real Estate and its subsidiary Indiabulls Industrial Infrastructure (IIIL) to vacate 512.068 hectares of land in processing zone of Special Economic Zone (SEZ) at Sinnar, Nashik district, within a one-month period. The company, in response, has termed the order as 'unlawful' and is actively exploring legal avenues to contest the directive.
The company had in August 2007 entered into a share purchase agreement with MIDC which allowed IIIL to enter into lease deeds with MIDC on approximately 2,500 acres of land. The land was to be developed as industrial plots within the SEZ framework. IIIL has paid a premium of Rs. 67.7 crores to MIDC for the land.
Development on the land had been carried out with respect to a 1350 MW power plant, along with basic infrastructure, a 38 km SEZ boundary wall, 8MLD freshwater pipeline, customs office inside SEZ, solar street lights, telecom and broadband connectivity. Further, to rehabilitate the Project Affected Persons (PAPs) the company has paid the plot fee towards the PAPs, along with basic infrastructure.
While IIIL was in the process of planning and conducting further development on the Land, MIDC had issued a termination notice purporting to terminate the Lease Deed on the basis of an alleged lapse by the company with respect to completing development and rehabilitating PAPs within the stipulated timelines.
According to the company, the MIDC's demand is not legally justified, and it plans to seek redress through appeals to appropriate authorities or courts, ensuring all necessary steps are taken to defend its position.
This incident highlights the need for clear, transparent, and fair mechanisms that balance developmental goals with corporate rights and responsibilities. With Sinnar emerging as a critical hub for manufacturing and industrial activities, the resolution of this conflict holds significance for the region's economic trajectory.
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