SEZ
The
Special Economic Zone is demarcated for specialized economic development
that is oriented towards increasing FDI inputs and boosting export
activities, through special policy incentives. An SEZ area typically
involves strategically located infrastructure that is geared up towards
meeting the special demands and requirements of corporate organizations. We
at Jain Oncor as a consultant to provide our customers approved land for
sale, offices spaces facilities located in SEZ areas like Gurgaon, Noida,
Uttranchal, Banglore, Pune, Mumbai, Chennai with a view to boost clients'
business activities and business interests.
1. New Norms.
- The Center has introduced a cap of 5,000 hectares for
multi-product SEZs and said that 50% of the land area should be set
aside for core business activities up from the earlier 25%. The
government also said that the state government should not get into
land acquisition and that private developers should buy land
directly for their project.
- The ministry has relaxed the rules for the property developers
who would apply for huge multiproduct SEZ to be developed over an
area of 1,000 hectares. Two land segments being separated by road,
railway line or another tract of land which a developer is not able
to acquire may be considered contagious if they are linked with an
underpass or an overpass. Also, the proposals where land was yet to
be acquired by the developers would have to be abide by the proposed
rehabilitation policy
- Some of the amendments will be increasing the processing area in
multi-services Special Economic Zones (SEZs) from 35 percent to 50
percent of their total area as well as directly giving formal nod to
those proposals with land.
- Earlier the practice was, multi-services SEZs with minimum area
of 100-hectare were treated at par with huge multi-product SEZs with
a minimum area of 1,000 hectares and were supposed to keep
separately 35 percent of their total area as processing area and for
housing units that would help exports. While the rest of area was
called non-processing area and would used for social amenities etc.
- Thus now the criteria for approval for a SEZ is that the
developer should possess the land. Once approval is received,
developers need to complete several procedures in their states. This
includes providing proof of legal right and possession and a
certification that the acquired land is free from legal
encumbrances.
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2. Investment Criteria.
- To qualify for developing a multi-product SEZs, the net worth of
the applicant has to be at least Rs.250 crore and the minimum
investment in the project Rs.1,000 crore. For sector specific SEZs,
the applicant net worth has to be a minimum of Rs.50 crore while the
minimum investment criteria is Rs.250 crore. For applying for IT
SEZs, net worth of the applicant has to be Rs.100 crore.
- The list of authorised operations for IT, bio-teh and gems and
jewellery SEZ include roads, housing appartments, convention centre,
cafeterias and restaurant, air conditioning, telecom and other
communication facilities, electrical, gas and PNG distribution
network and recreational facilities.
- Sector-specific SEZs will be allowed to have additional
operations including hotels, schools and educational and technical
institutes. Multi-product SEZs will also be allowed to have ports,
airports and golf-courses.
- Sector specific SEZs will be allowed to have 7,500 houses,
hotels with a total of 100 rooms, a 25 bed hospital and schools and
other educational institutions over 25,000 square meters.
- Multi-product SEZs will be allowed 25,000 houses, a 250 rooms
hotel and a hospital with 100 beds. Developers will not get tax
concessions for any construction beyond the specifications.
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