DLF seeks denotification of four infotech SEZs
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.
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