Maharashtra woos investors in FinTech services

Maharashtra woos investors in FinTech services

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Maharashtra government has announced buildable area incentives for investors interested in setting up IT-enabled financial services in urban areas in the state. These incentives are applicable for municipal corporations and MIDC areas in the Mumbai Metropolitan Region, Pune, Nagpur, Nashik and Aurangabad.

According to the latest notification, investors interested in setting up such IT parks can avail an incentive floor space index (FSI) of up to four times the plot size. The buildings housing the Smart FinTech Centres can get an additional FSI of up to 200 per cent, over and above the permissible limit.

However, the FSI of 4 will be applicable only for plots measuring over 2 lakh sq m and abutting roads that are over 24-metre-wide. In other cases, an FSI of 3 will be available for such projects. To avail the FSI benefit, such project must have an access road that is at least 18 m wide, and such projects must have been cleared by a government committee headed by the Principal Secretary (Information Technology). Also, the additional FSI will be given at a charge of a premium equal to 30 per cent of the ready reckoner rates for the plot in question.

According to notification, at least 85 per cent of the total proposed built-up area, will have permission for use for business of Fin Tech, like start-ups, incubators and accelerators, banking and financial services and IT, while the remaining 15 per cent can be for commercial purposes. The government has also specified penalty for possible misuse of this provision.