CJ24, Nitten Gokhaley, 10-09-2014
According to reports released by various government departments, permits for more than 27 SEZ projects were cancelled by the Board of Approvals (BOA) till July this year. Plus, BOA is also expected to cancel 9 more SEZ licenses this month, as companies are not interested in developing those projects anymore.
Real estate companies might continue to publish those glossy advertisements in top news papers which talk about commercial and residential projects. TV shows might continue to misguide people with their incorrect information about real estate demand in various cities. However, reality cannot be kept hidden much longer.
Ample availability of real estate and rapidly reducing demand for commercial and residential space in some cities is making life difficult, not just for developers, but also for bankers.
It is mandatory for developers to start working on SEZs and make their SEZ’s first unit operational within 3 years from the license issue date.
BOA is planning to cancel licenses for 9 SEZs this month, as the concerned developers have not started their developmental work on these projects even after completing the specific time frame. In some cases, developers did not even respond to the reminders sent by the concerned Development Commissioners.
Some of the most popular names to pull out of SEZ race are- Hindalco, Adani Township and Real estate, Essar, and more. Out of all the companies, Adani Township recently said in their statement that they do not wish to go ahead with certain real estate projects due to reduced demand from the IT sector.
– Team CyberJournal24
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