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« Demand for SEZs Seems to be Reviving | Home | Support Real Estate Companies- IBA to PSBs »

SEZ developers Seek More Time from Govt to Complete Projects

Faced with a severe financial crunch, several SEZ developers have approached the Commerce Ministry seeking more time to complete their projects. “Some companies have asked for extension of time,” said the Commerce Secretary Mr G K Pillai. Mr Pillai heads the inter-ministerial Board of Approval which clears the proposals for setting up of special economic zones (SEZs) where units are given tax ex emptions.

Export Promotion Council for export-oriented units (EOUs) and SEZ Units Director General Mr L B Singhal said, “It is natural because of the current economic slowdown … demand for space has also come down.” After each stage of approval – in principle and formal – the developer is given time to proceed and return to the government for final notification. Even after final notification, the promoter gets time to make the SEZ functional.

While Mr Pillai did not disclose the companies approaching the Commerce Ministry for extension of time, sources said developers, mainly from the real estate sector, have put their SEZ plans on the back-burner. The real estate majors such as DLF, Parsvanath Developers, Rahejas and Emmar have received formal approvals for tax-free enclaves. Several of these projects have been deferred.

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