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RBI to consider SEZ away from realty norms after govt. direction

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The rising tense of the global meltdown and to increase the exports the central govt. has asked the Reserve Bank of India to lift the tag of realty products from the projects of Special Economic Zone (SEZ) across the country. According to the sources of www.propertykhazanana.com, RBI has earlier declined many petitions considering the SEZ being the part of infrastructure unit. It was earlier kept in the category of realty products and hence lowered the growth of export as to a great extent, as stated by the export promotion council for EOUs and SEZs.
As a part of progressive measure re-modification of the SEZ category is expected soon by the core team of Reserve Bank of India after the sole direction of the center as per the sources of www.propertykhazana.com. Singhal further states that “during last 35 years of duration worth of around Rs. 8000 crores has been recorded from various SEZs across the nation and after the implementation of “ SEZ act in 2005” the export activities has rose much higher due to increase in number of both Industrial parks and SEZ”.
The current worth of the export may exceed Rs. 66,000 crore and will be exceeding Rs. 1 lakh crore if proper implementations are furnished to the SEZ architecture, Singhal adds. After the RBI declaration of SEZ a part of ambit infrastructure, it will help the promoters to access funds more easily and with cheaper rates where as from 2006 onwards the loan sanction to the SEZ was done with the same category of the realty products which made the developers difficult to complete the SEZ working effectively and with in time limit. For latest realty updates browse www.propertykhazana.com.
Source: NBTVLIVE

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