Government Demanding Status Report, SEZ Ventures on Hold
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According to the sources available with www.propertykhazana.com, the argument about the SEZs is not yet declined; the Govt. has demanded a status report (SR) from developers of 50 SEZs who had already taken the formal approval (FA). The SR will provide the information’s of the ventures, based on which the Govt. will inform the venture. Notification indication is the beginning of work for developers and as per to the poor growth on this face can mean to cancel the FA given by Commerce Ministry. Ministry has given 6 month period for developers to finish the paperwork’s for the endorsed zones and 50 SEZ developers has taken FA from the ministry in August 2006. Standard for approval for SEZ is the developer must own a property and once the approval is taken developers need to finish many process in their states. This also comprises giving evidence of lawful right and ownership and documentation that the purchased property is free from illegal encumbrances. Commerce ministry officer had said that inadequate development in this direction may lead to removal of the FA.
Source further said at the www.propertykhazana.com that Hewlett Packard the IT main had applied for 60,000 Sq.mtr areas SEZ in Silicon city and has already removed from SEZ ground after getting FA from the Govt. Hewlett Packard might not continue with the venture after Govt. completed the least area for an IT and ITes SEZ to 10,000 Sq.mtr. Likewise, C.A. Computer Associates is not in the sprint any longer after getting approval for IT & ITes SEZ in Hyderabad. Till now 63 SEZs has been notified out of 235 formally approved by Ministry and Maharashtra has 48 SEZs, AP has 44 SEZ, 28 SEZ in Karnataka and Tamil Nadu has 25 SEZ. Currently, 22 SEZs is working in India and has got Rs. 20,000 Crores of Exports in 2005-06.
Source: NIMMA BENGALURU
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