Commerce Ministry amends norms to prevent misuse of SEZ land
Oct 16, 2013
Source : The Hindu


DELHI: Developers seeking to surrender special economic zones will have to give an undertaking that the land will be used in accordance with the recently amended guidelines so as to prevent its misuse.

Only those applications will be considered for SEZ denotification that fulfil three criteria laid down by the government, the Commerce Ministry has said.

As per the amended SEZ rules, “All such proposals (for denotification) must have an unambiguous ‘No Objection Certificate’ from the State Government concerned. Such land parcels after denotification will conform to Land Use guidelines/master plans of the respective state governments.”

State governments may also ensure that such denotified parcels of land would be utilised towards creation of infrastructure which would subserve the objective of the SEZ as originally envisaged, according to the rules.

“These conditions are in addition with what the Board of Approval may impose including refund of duties/benefits which the developer may have availed on the land denotified, preservation of contiguity of the remaining parcel of SEZ land,” the ministry has said.

Once an attraction for investors, SEZs have lost sheen after the imposition of Minimum Alternate Tax, Dividend Distribution Tax in 2011 and certain provisions in the proposed Direct Tax Code regime as well as global demand slowdown.

As many as 58 SEZ developers had surrendered their projects due to various reasons including global economic slowdown, till July 31 this year.

The Government has formally approved 576 such zones out of which 173 have commenced exports.

During April-June, exports from these zones stood at Rs 1.13 lakh crore. During the quarter, the country’s overall exports aggregated Rs 4.05 lakh crore.

Latest Realty News

Govt to decide soon on relaxing FDI norms for housing sector
Oct 16, 2013
DELHI: The government would soon decide on relaxing FDI guidelines for the housing sector, including easing the three-year lock-in period norm, a senior official in the DIPP said.
To unlock FDI, govt to ease lock-in period for realty
Oct 16, 2013
DELHI: Much to the cheer of foreign real estate developers, those investing in India’s construction sector might be allowed to exit before the mandatory three years stipulated at present. However, for that, they would have to complete the project and procure completion occupancy certificates from local authorities.
SARE Homes launches ‘Club Terraces’ in Gurgaon
Oct 16, 2013
GURGAON: SARE Homes, an FDI developer of residential integrated townships across India, has announced the launch of its new project ‘Club Terraces’ in Sector 92, Gurgaon.
Cosmic Group all set to launch “Cosmic Cruise”
Oct 16, 2013
NOIDA: Cosmic Group is going to launch the spectacular project “Cosmic Cruise” which is set to become a landmark of North India. A place which is not just designed around work but the work and life balance.
Delhi NCR residential property pricing – festive season update
Oct 16, 2013
DELHI: Over the last two quarters, the residential property market in South Delhi has shown only marginal appreciation in capital values and rentals. This could have more to do with the recent upward revision in circle rates in various zones than anything else. Supply and demand dynamics in South Delhi have been more or less constant, and the revision in circle rates has resulted in larger cheque amounts and lower potential for offloading cash in real estate transactions. This has, in fact, acte
Haryana govt’s policy for NOCs for land outside controlled areas
Oct 15, 2013
DELHI: Haryana government has approved a new policy for granting no-objection certificates (NOCs) in urban localities falling outside controlled areas. Haryana town and country planning department said that NOCs would be issued only in those cases where there was no violation of the provisions of Haryana development and regulation of urban areas Act 1975, and the land was not a part of any controlled area subject to fulfillment of prescribed norms or parameters.
Govt lists draft rules to implement Land Acquisition Act
Oct 15, 2013
DELHI: Government today came up with draft rules to implement the Land Acquisition Act with a focus on consent and social impact assessment to ensure that the rights of the farmers are protected when the land is acquired.
Service apartments: an indispensible part of real estate in Gurgaon
Oct 15, 2013
DELHI: An idyllic place for longer business trips, the service apartments offer the supreme blend of comfort and privacy of a home with the services of a luxurious hotel room at a much lower price
New Delhi traders rue sky-high land rates
Oct 15, 2013
DELHI: In the last five years, only 65, mostly commercial, properties in New Delhi Municipal Council areas have been converted from leasehold to freehold. Reason, the exponential increase in land rates—a crucial component in calculating conversion charges—from Rs 28,980 per sq metre to Rs 19.35 lakh per sq metre for commercial establishments.
NHB to get Rs 500-cr loan from UK for financing low-cost homes
Oct 14, 2013
DELHI: British government's Department for International Development will give National Housing Bank Rs 500-crore loan for financing construction of affordable houses in the country.

Latest Realty News Of State

Realty Talk's