Project Today reported that DLF, the real estate company, has approached the Union Government over its plans to surrender five of its nine IT-IT enabled Service notified SEZ.

The reason for the companys decision cannot be ascertained; however speculation is that the verdict comes in fray of the credit crunch hitting the real estate sector.

As per the SEZ Act, the tax free enclaves cannot be relinquished once they become operational. DLF, however, has not started work on the five SEZs that it wants to give up. The company had earlier surrendered its 40-acre IT SEZ in the central Delhi.

More : steelguru.com

A rental budget of Rs 40,000 is towards the higher end. Homes in the posh areas of South Delhi would be readily available in this range. Outlying areas of Noida and Gurgaon also have spacious options to choose from.

In South Delhi, Safdarjung Enclave offers builder floors of area 1800 square feet. All areas of Lajpat Nagar including Lajpat Nagar – II and Lajpat Nagar – III, have residential apartments of area 1800 square feet available at this price. C-148 at Lajpat Nagar National Park, which is near Lady Shri Ram College, also has apartments of similar size available for rent at this rate. This would be of special interest to college students looking to share an accommodation in a prime location near their institution. In Greater Kailash Part II, builder floors of area ranging from 1800 – 2700 square feet are available at this rate. This area has become a common hub for foreign nationals looking for temporary accommodation in a residential area of the city. Builder floors of area 1450 square feet to 2450 square feet in Chittaranjan Park are also readily available.

In West Delhi, Bali Nagar, Tagore Garden and Rajinder Nagar have many options that prospective tenants can explore within this budget. Janakpuri has builder floors of area 2500 square feet that can be rented at this price. In North Delhi, Model Town is another option which offers accommodation of area up to 2500 square feet.

More : expressestates.in

DLF, Indias largest property developer, said it had sought denotification of four IT Special Economic Zones (SEZs) planned in Sonepat, Gandhinagar, Bhubaneswar and Kolkata. The company cited economic slowdown and lack of demand for IT space as reasons for the decision.

With this, DLF has scrapped plans for five of the 15 IT SEZs envisaged across the country. An SEZ in Delhi was the first one to be scrapped. The decision comes months after DLF claimed that its SEZ plans, though delayed, were on track. While five of its SEZs are functional, the company is yet to take a decision on the rest five. Senior DLF officials said new projects were unlikely until demand rises.

The commerce ministry, which approves the SEZ projects, allows its derecognition to change the end-use of the land earmarked as SEZs, if no construction work has started at the site. All four projects, the de-notification of which had been sought, thus qualify for denotification, company sources said.

More : business-standard.com

Parsvnath Developers Ltd (PARV.BO: Quote, Profile, Research) on Thursday said it would invest 1.35 billion rupees in building an information technology park, which is expected to be operational in three years time.

The IT park in Gurgaon, will have a floor space of 75,000 square feet and Parsvnath expects realisations of 3.5-3.7 billion rupees from it, the real estate developer said in a statement. (Reporting by C.J. Kuncheria; Editing by Prem Udayabhanu)

Source : in.reuters.com

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