The Multi-modal International Hub Airport at Nagpur (Disposal of land) Regulations, 2014 approved by the Board of Directors
The Earnest Money Deposit (EMD) to be submitted along with application (Application for allotment of Plot) shall be 10% of the total lease premium in the form of a demand draft or pay order, issued by a Nationalised bank or Scheduled Commercial Bank in India drawn in favour of "MADC Ltd", payable at Mumbai. The EMD shall not carry any interest. The EMD will be adjusting in Lease Premium. The specified market rate for calculation of lease premium to ₹ 2000/- per sq.mtr. for 1.5 FSI and ₹ 1500/- per sq.mtr. for 1 FSI.
The total lease premium after deducting the EMD amount shall be paid in two equal installments, of which the first within forty five days, and the second within ninety days, from the date of receipt of allotment letter. The prevailing rate of delayed payment charges is 15% per annum (simple rate) subject to revision, from time to time.
After full and final payment of lease premium the MADC shall give NOC to obtain letter of approval to set up units and undertake an operation. The applicant is required to take approval within 90 days which is further extendable 90 days subject to payment of watch and ward charges. After getting letter of approval, agreement to lease should be executed.
If the agreement to lease is not executed within the specified period or extended period under these regulations, the agreement concluded between the Company and intending lessee shall be liable to be terminated; and in the event of termination of the concluded agreement, the earnest money deposit, along with 25% of the amount of installments of the lease premium, if any, paid, shall be forfeited without prejudice to the rights of the Company to recover compensation for loss or damage, if any, suffered in consequence of such default by the intending lessee.
Construction to the extended 75% of the permitted FSI required to be completed within four years from the date of agreement to the Lease
The unit to obtain Letter of Approval ("LOA") from unit approval committee (UAC) of Development Commission of MIHAN/SEEPZ Limited for obtaining the plot on lease and premises on leave & license within MIHAN SEZ
Application in prescribed Form 'F' to be filed with the Development Commissioner MIHAN/SEEPZ along with copy of project report and other details / information
The Development Commissioner of MIHAN/SEEPZ shall scrutinize the proposal of the unit and shall place the same before Unit Approval Committee for their consideration
Unit Approval Committee shall approve or approve with modifications or reject the proposal within 15 days of its receipt
The Development Commissioner, MIHAN SEZ shall issue Letter of Approval ("LOA") in prescribed Form G for setting up the unit in SEZ
SEZ unit shall be required to confirm its acceptance with the terms and conditions of LOA to the Development Commissioner, MIHAN SEZ within 45 days of receipt of LOA
SEZ unit shall be required to enter into a lease agreement with MADC and copy of registered lease deed shall be required to be submitted with the office of the Development Commissioner, MIHAN SEZ within 6 months of receipt of LOA
Thereafter the unit can avail from DC all benefits/exemptions/concession permissible under SEZ act
The entrepreneur can then operate as a unit in MIHAN SEZ