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DLF asked the Government to Delay SEZ Projects on Fund Crisis

Manpreet


DLF, one of the prominent market players of the Real Estate Sector in India, has asked the government to withdraw the approval given with regard to the development of an IT SEZ near the capital region. It has also intimated the government that it may start five other in-line SEZs after 2010 on the expectations of the revival of demand for real estate properties in the future.


The five other proposed SEZ projects are to be built in Orissa, Tamil Nadu, West Bengal, Haryana and Gujarat, according the list issued by the government. It is not currently feasible for the company to begin all SEZ projects together as it requires huge investment and time. The company has decided to initiate the whole process in a phased manner- first to complete the already started by 2010 and then commence with other in-line projects.


DLF is planning to make an investment of Rs 40,000 crore in 10 SEZ projects undertaken by it. According to the government policies, SEZ Developers are required to operationalize IT SEZs within three years time after the notification is given by the government. And considering the present economic scenario if the problem persists further, there are very chances of deferring the launch of new SEZ projects.

 
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