Approx 1,500 acres at Haregaon approved for lease from Maharashtra State Farming Corporation
A Government Resolution approves granting approx 1,500 acres at Mouje Haregaon, Shrirampur, Ahilyanagar, on lease to the company for a proposed project.
By ScoutQuest · · 2 min read
- Land Area
- Approximately 1,500 acres at Mouje Haregaon, Shrirampur, Ahilyanagar
- Lease Tenure
- 49 years, renewable for another 49 years
- Base Rent
- ₹ 50,000 per acre per annum with 3% annual escalation
- First Right of Refusal
- Approximately 900 acres within the parcel
What was announced
The Maharashtra State Farming Corporation Limited (Government of Maharashtra, Revenue Department) issued a Government Resolution approving the grant of approximately 1,500 acres of land on lease to the company. The land is at Mouje Haregaon, Taluka Shrirampur, District Ahilyanagar, Maharashtra, bearing Block No. 1(A).
Purpose
The land is proposed to be made available on lease for setting up and developing the proposed project, on terms to be finalised by the Board, subject to obtaining requisite approvals and complying with the conditions prescribed under the applicable Government Resolution.
Key terms stated
- Lease of approximately 1,500 acres
- Initial lease tenure of 49 years, with provision for renewal for a further 49 years subject to prescribed conditions
- Base lease rent of ₹ 50,000 per acre per annum, with annual escalation of 3%
- First Right of Refusal over approximately 900 acres identified within the subject land parcel
- Land to be used only for the approved project
- Provisions on sub-lease, transfer/sale, and consequences of breach or non-utilisation, as specified in the Government Resolution
Relationship and structure
The company holds no shareholding in the Maharashtra State Farming Corporation. The parties are not related to the promoter, promoter group or group companies, and the arrangement is not treated as a related party transaction at the level of the company. It involves no issuance of shares or securities and is not a loan or borrowing arrangement.
How to read it
This is an approval of a proposed lease arrangement rather than a completed project. Investors may view a large long-tenure land allotment as an enabler for future capacity, while noting that terms are still to be finalised by the Board and remain subject to approvals and the conditions attached to the Government Resolution.
More numbers
- Land area proposed for leaseapproximately 1,500 acres
- Base lease rent per acre per annum₹ 50,000 per acre per annum
- Annual escalation in rent3%
- Initial lease tenure49 years
- Renewal tenurefurther renewal for 49 years
- Area under First Right of Refusalapproximately 900 acres
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