Mumbai: The Maharashtra cabinet Tuesday approved several sops for setting up institutions of eminence deemed to be universities (IEDUs).

The cabinet, chaired by Chief Minister Devendra Fadnavis, gave its in-principle approval to the proposal during a meeting held here.

As per the cabinet decision, IEDUs can be set up in the state on any land under the jurisdiction of the approved regional plan. They will be provided floor space index (FSI) of 1 on the gross area of the plot.

The other benefits include deemed permission for use of land for non-agriculture purposes and exemption from the Agriculture Land Ceiling Act.

If terms and conditions to get the FSI concession are not fulfilled within specific time-frame, these institutions will be penalised. Promoters of IEDUs will be able to purchase agriculture land. They will have no concessions from stamp duty.

A committee will be set up under the chairmanship of Higher and Technical Education Minister Vinod Tawde for implementation of the decision.

An official from the Chief Minister’s Office (CMO) said, the decision to set up IEDUs was a revolutionary step to ensure that youths get access to world class higher and technical education.

As per the Centre’s decision to set up IEDUs, 20 exisiting public and private educational institutions as well as new institutions will be accorded the IEDU status.