SEZ developers get more time for project execution
The government has given more time to 33 special economic zone developers, including Uttam Galva Steels Ltd, Unitech Infracon and GMR Hyderabad International Airport Ltd, to execute their projects.
The Board of Approval (BoA), a 19 member inter-ministerial body that deals with SEZs, at a meeting headed by Commerce Secretary, also allowed three SEZ developers to surrender their projects.
It was discussed in the meeting that the developers surrendering their projects have to obtain a certificate from the respective Development Commissioners stating that the developer has not availed of any tax/duty benefits under the SEZ Act or Rules or the same have been refunded.
SEZ developers, including Ansal SEZ Projects and Shyam Steel Industries had approached the BoA for surrendering their projects.
According to industry experts, seeking more time for developing projects and surrendering them reflected lack of enthusiasm in the tax-free enclaves.
Other developers that got more time to execute their projects include Navi Mumbai SEZ and Mahindra & Mahindra Ltd.
To read more real estate news:
Ascendas likely to buy Shriram’s SEZ in Chennai
GHMC seeks support from corporates
Source – The Indian Express
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