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

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Tags: DLF, Gujarat SEZ, Harayana SEZ, Orissa SEZ, SEZ's, special economic zones in India, West Bengal SEZ

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