DLF has been unable to develop a number of Special Economic Zones (SEZ’s) and has asked The Board of Approvals (BoA) to denotify four of them. DLF will use the land to develop commercial projects in India.
DLF was unable to develop the zones because of a “liquidity crunch” and “slowdown in the economy”. Ramesh Sanka, DLF’s group CFO, said the land, which covers over 40 hectares or roughly 100 acres, would be used to erect commercial buildings, mainly for the IT sector. He said the group proposed to go ahead with the six other SEZs.
The Board of Approvals on Special Economic Zones (SEZs) today agreed to denotify four zones of real estate major DLF, with the rider that the company will have to repay all tax benefits that it availed of while developing these.
The four denotified SEZ’s are:
Gandhinagar, Gujarat,
Rai, Sonepat, Haryana
Kolkata, West Bengal
Bhubaneswar, Orissa
Tags: DLF, Gujarat SEZ, Harayana SEZ, Orissa SEZ, SEZ's, special economic zones in India, West Bengal SEZ
June 4th, 2009 at 10:36 am
Due to high recession in all countries, the market for real estates have been declined, Definitely in future the market will reach to maximum of peak level, Where again the Marketers would be the kings.It happens Wait and see.
June 12th, 2009 at 3:21 am
Not only DLF but other real estate companies are also facing heat of economic slow down. Investors are not coming to book their spaces and so the real users for existing properties. Though govt has taken several steps to help real estate sector, but it will take at least two yrs to see the expected results. I see this as wise business step of DLF.