Government revises SEZ act
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As per the sources available with www.propertykhazana.com, Commerce Ministry had allowed to appoint the directors of STPIs as development commissioners of information technology SEZs and an modification to SEZ Act, 2005 has being proposed consequently. The IT department had been close to the plan to treat STPIs on parity with SEZs and the department’s concern was that the Tax Benefits of STPIs are in set only till 2009 and there may be relocation of the present units from parks. Commerce Ministry was thinking to fix an analytic property locality for building Shopping Malls, Apartment and Hotels in the non-processing section of SEZ. An officer had told that, “Govt. might decide to give permission to construct on shopping locality up to 50,000 Sq.mtr in case of multi-product zone. Any developer who decides to go beyond this limit will not be considered for any tax benefits.”
Likewise even the BOA decided to control the number and locality of residence units inside a zone and in case of divide zones, especially IT SEZs was viewed from the social infrastructure in most cases as a division of the major building block and there was no need for larger locality to be separated for this reason. Officer had told that, “We might leave an IT zone to locate sideways but not more than 10,000 Sq.mtr for social infrastructure.” Govt. had informed 24 SEZs and some of new SEZs had estimated to develop within the year. This comprises Divi’s Laboratories Pharma zone in Vizag which was fixed up with an investment of Rs. 200 Crores which was estimated to start the manufacture and Apache’s footwear SEZ in Nellore also invested Rs. 500 Crores and projected to start manufacturing.
Source: NIMMA BENGALURU
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