Tuesday 23 June 2015

Maharashtra IT policy offers firms tax, real estate benefits

The policy aims to attract Rs.50,000 crore of investment and create 1 million jobs in five years

Maharashtra, which ranks second in the country for exports of information technology (IT) and IT-enabled services, came out with a policy aimed at making the state an animation and gaming industry hub, attracting Rs.50,000 crore of investment and creating 1 million jobs in five years.

The policy, which offers many sops to the IT industry, was cleared by the state cabinet during its weekly meeting on Tuesday.

According to the policy document, Maharashtra’s last two IT policies—in 2003 and 2009—helped the state attract investment of Rs.3.24 trillion and create 748,000 direct jobs and 465 private and 37 public IT parks.

The new policy offers 200% additional floor space index (FSI) over the base FSI for IT parks. The FSI indicates permissible construction on any plot. By offering a higher FSI, the state government hopes rents in the IT parks will drop.

The policy also tries to promote a walk-to-work concept; it proposes the construction of integrated IT townships that will also offer residential apartments, social infrastructure such as schools, hospitals, malls, multiplexes and parks, among other things.

Read entire article on http://goo.gl/BM21SQ

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