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Union Government to Notify the SEZ amendments

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It is a very curious time in the realty sector of India, as the Central Government has announced to notify the amendments on the Special Economic Zones (SEZ) this week. It is reported at the www.propertykhazana.com that the Commerce Ministry and the state’s Revenue Departments had a conference about the amendments to be made on the SEZ’s.
It is further said that there shall be a steep increase from 35%-50% of the total area in the processing area in Multi-Services SEZ’s. Similarly, the land shall be allotted with all the needed approvals. It is said that, the present system shall be put on hold and it is not required to take the authorization from the concerned boards prior to the formal approval and by this rule into practice, the SEZ developers shall be given the lands without any legal hurdles.
Prior to the new practice, the Multi-Service SEZ ventures with not less than 100 acres was treated at the same level and major SEZ projects with about 1000 acres was required to reserve 35% of the total area as the processing area. Meantime, the rest of the space is said to be the non-processing area which is only meant for social facilities. The revealed source said the www.propertykhazana.com that 4 applications for Multi-Service SEZ’s are given with the formal approvals while only one has be so far notified.
It is 109 acres SEZ by the Uppal Housing and 168 acres SEZ development by the Bentex Towers Private Limited coming up in Gurgaon fallowed by the 242 acres SEZ by the Claridges Hotels Private Limited and 400 acres SEZ development by the Marathoon Pachin Infrastructure both coming up in Raigad off Maharashtra.
Source: NIMMA BENGALURU

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