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Centre to Notify Amendments in SEZ Rules this Week
This week will be keenly watched by the Indian real estate industry as centre will notify about the amendments in the SEZ Rules. According to officials, the commerce ministry had discussions about the amendments in SEZ Rules with the revenue departments and will notify about it this week.
Some of the amendments will be increasing the processing area in multi-services Special Economic Zones (SEZs) from 35 percent to 50 percent of their total area as well as directly giving formal nod to those proposals with land.
This could mark the end of the current practice of taking permission from the Board of Approval before formal approval, even for those SEZ proposals with land free of any legal hassles.
Earlier the practice was, multi-services SEZs with minimum area of 100-hectare were treated at par with huge multi-product SEZs with a minimum area of 1,000 hectares and were supposed to keep separately 35 percent of their total area as processing area and for housing units that would help exports.
While the rest of area was called non-processing area and would used for social amenities etc. Meanwhile, four proposals to set up multi-services SEZs have got formal nod and only one multi-service has so far notified.
The four proposals to set up multi-services SEZs are: Uppal Housing Ltd (109-hectare SEZ) and Bentex Towers Pvt. Ltd (168 hectare SEZ) who will have their SEZs in Gurgaon.
Claridges Hotels Pvt. Ltd (242 hectare) and Marathon Pachin Infrastructure (400 hectare) will have their SEZs in Raigad (Maharashtra). There are also four other proposals for multi-services SEZs that have got the in-principle nod. SEZ Rules for the first time were amended in August 2006.
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