The government has recently revised some SEZ Policies. Under the new SEZ Policies SEZ development requires lower scale of land parcels.
The small scale real estate developers may now be able to develop some SEZ projects. Moreover cities like Bangalore, Chennai, Hyderabad and others will have more SEZ projects. All these have become possible with the revision of existing SEZ Policies by the government.
Recently the government has revised some of the SEZ Policies, making it simpler and more affordable even to the small scale developers.
Earlier the minimum land required for SEZ development was almost 25 acres of land. Now with the revision of SEZ Policies, the builders who own around 7 acres of land also can develop SEZ projects.
It means that both real estate and IT sectors will benefit out of this new policy. Experts say that the new SEZ policies will surely leave heavier impact on real estate sector and IT sector. It will boost both sectors.
By amending the minimum land required for SEZ development the government has taken a landmark decision. The decision to bring down the minimum requirement of land for SEZ development from 10 hectares will permit the developers to come up with smaller such projects.
However the new act will be enforced first in seven top cities. In these cities the act has already been enforced with immediate effect.
The new revised minimum built up area in Tier I cities is 100,000 sq. m. and the same for the Tier II cities is 50000 sq. m. The smaller cities will have only a half of it i.e. 25000 sq. m. It means that the SEZ development will be simpler and easier.
As per the new SEZ Policies many IT firms will now be able to make their own SEZ projects. It also means that there will be more number of SEZ developments across the country including smaller cities.