Builders with sizeable SEZ portfolios similar to DLF and Tata Realty are in search of extra readability for the reason that emptiness price in SEZs is increased than that in a typical workplace park.
“It is truly a step in the correct path and we’re ready for readability from the federal government and introduction in Parliament in a short time. It was supposed to return out within the final session of Parliament however for some causes it didn’t. However we’re hopeful that within the upcoming winter session it ought to get launched,” mentioned Rajaram Pai, chief enterprise officer – Industrial, Mahindra Lifespace Developers. The federal government made the announcement in February throughout the finances session.
Based on business estimates, about 20,000 hectares of SEZ land and 100 million sq. toes of built-up space are at present vacant.
“The NCR (National Capital Region) market is witnessing the least quantity of provide infusion (about 5.8 million sq ft) in 2022 in comparison with different tier-1 cities throughout the nation. With the SEZ denotification course of efficiently going by way of, related provide to the extent of greater than 3 million sq ft might be launched within the NCR market and might be a giant push for the occupiers, which is able to additional hold rental development beneath examine,” mentioned Shwetta Sawhney, an actual property skilled.
Based on an evaluation by CBRE, the earlier caveat of sustaining contiguous land space necessities has been distributed with within the new invoice.
“Nevertheless, there nonetheless stays the problem of an costly and lengthy denotification course of extending over 5 to 6 months. Moreover, denotification by the developer additionally entails returning all advantages availed by advantage of tax exemptions and subsidies for improvement of the asset to the federal government,” mentioned CBRE.
