Notification No : 124
Date of Issue : 31/5/2002
Section(s) Referred : s. 80IA(4)(iii)
Notification No. 124 of 2002, dt 31st May, 2002
4. The percentage of land to be earmarked for commercial use shall not be more than 10 per cent of the allocable area.
5. In case of an Industrial Model Town and Industrial Park, the minimum investment on infrastructure development shall not be less than 50 per cent of the total project cost. In the case of an Industrial Park which provides built up space for industrial use, the minimum expenditure on infrastructure development including cost of construction of industrial space, shall not be less than 60 per cent of the total cost.
6. Infrastructure development shah include expenditure on common facilities like roads (including approach roads), water supply and sewerage, common effluent treatment facility, generation and distribution of power for use of the units to be located in the Industrial Model Town/Industrial Park, telecom network etc. and such other facilities as are for common use for industrial activity which are identifiable and are provided on commercial terms.
7. No single unit in any project shall occupy more than 50 per cent of the allocable industrial area of an Industrial Model Town or Industrial Park. For this purpose a unit means a separate taxable entity.
8. Necessary approvals including that for Foreign Direct Investment or Non-Resident Indian Investment by the Foreign Investment Promotion Board or Reserve Bank of India, shall be taken separately as per the policy and procedure in force.
9. Technopolis Knowledge Park Limited, Mumbai shall continue to operate the Industrial Park during the period in which the benefits under section 80-IA of the Income-tax Act are to be availed.
10. The Central Government may withdraw the above approval in case the M/s Tata Housing Development Company Limited, Mumbai fail to comply with any of the conditions stated above.
11. Any amendment of the project plan without the approval of the Central Government or detection, in future, of failure on the part of the applicant to disclose any material fact, will invalidate this notification.