The Commerce Ministry will consider on June 2 realty major DLF's request for withdrawing the SEZ status for four of its projects in the wake of slowdown in the real estate market.
The Board of Approval (BoA), chaired by Commerce Secretary G K Pillai on June 2 would consider DLF's request along with 19 other proposals most of which relate to seeking fresh approvals for SEZs, a Commerce Ministry official said.
According to industry sources, India’s major real estate players like DLF and Parsvanath have been unable to raise funds for their SEZ projects. DLF had approached the government on surrendering its four of the nine notified SEZs on IT-ITeS, while Parsvanath had put on hold its 12 IT/ITeS SEZ projects. DLF has requested the Commerce Ministry for de-notification of four IT/ITES SEZs, the company had informed the Bombay Stock Exchange in April.
Exports from the SEZs increased by 36 per cent to Rs 90,000 crore in 2008-09 from Rs 66,638 crore in the previous fiscal. As in March 2008, 568 SEZs have got formal approval, 144 ‘in-principle’ approval, and 311 are notified. Of this, 90 are functional.
Source:Business Standard