Gujrat Property News

IT SEZs coming up in Gujarat

The two upcoming IT/ITES SEZs by K Raheja Corp and DLF are all set to drive the growth of the industry in Gujarat. As many as 50 companies are likely to set up shops in the two parks coming up in Gandhinagar. “Leading IT players like IBM, Oracle, Syntel, Accenture, Patni Computers and CSC are exploring the state for setting up their operations in the SEZ area, according to sources in state government. We are aiming to draw companies like GE, IBM, Cognizant, Genpact, Mphasis and Symantec who have been our clients,” said an official of DLF on conditions of anonymity.

IT SEZ is coming up in a sprawling space of over 97 acres at Koba near Gandhinagar for an estimated investment of Rs 1200-1500 crore. The phase one of the project will be completed early next year and space will be available for possession from January onwards. “The real estate prices in Ahmedabad are very attractive as compared to other IT destinations in the country. Besides, DLF and Raheja have been allotted land by the state government at very nominal prices so they can lease it out at a much more competitive price. This will also give a huge boost to the export rate of the state, which has been growing at over 50 per cent CAGR for the past three to four years,” said government sources. Read More>>

Monday, November 03, 2008  India-Realestate

Govt approves 3 SEZs in Gujarat

The government of India gave green signal to the three proposals for special economic zones (SEZ) in Gujarat. These 3 SEZ projects all together would involve an investment of Rs 12,035 crore. Of the three proposals cleared by The Board of Approval of the Special Economic Zones in it’s meeting one with land in possession received formal go-ahead, while two received in-principle approval.

Two SEZs that have got in-principle green signal are being promoted by former Central Vigilance Commissioner N Vittal. They would involve an investment of Rs. 11,340 crore. The multi-product EMPI Vittal Centre will come up on an area of 1,100 hectare in Gujarat. While one Gujarat SEZ that has got formal approval is Myron Realtor Private Ltd’s Rs. 695-crore IT/ITES/Electronic Hardware and Software zone over 10.93 hectares. Read More>>

Tuesday, October 21, 2008  India-Realestate

Gujarat SEZs to be charged transfer fee

The Gujarat government has decided to charge a transfer fee of 10 per cent of stamp duty from entrepreneurs buying real estate property in any of the special economic zones (SEZs) notified for development. A government resolution (GR) on this, issued by the state revenue department, stated that 10 per cent of the stamp duty would be applicable if the transfer of property takes place in five years of an SEZ being notified by the Central government. “As for the transfer of property later, which is five years after an SEZ starts operating , the charge would be double - 20 per cent,” a senior official said. .” Officials estimate, as of now nearly 20,000 hectares of land across Gujarat has been acquired for developing the SEZs. “Of this, nearly 45 per cent of the land belonged to the government, while the rest was the private land,” they said.

So far, 24 SEZs in Gujarat have been notified out of a total 55 proposals for Gujarat. Of these, three are functional. As for the rest, SEZ developers are putting up infrastructure facilities. A senior official in the state industries department said, “The transfer fee is unlikely to have any impact on the industrial activity in the state SEZs. It will be applicable only on government land. The government would need the revenue to develop the land which is given on lease to SEZ developers. Read More>>

Sunday, September 14, 2008  India-Realestate

Gujarat set to be the biggest gainer as SEZs gather Steam

Gujarat is set to claim more than one-third of the country’s total value of exports from special economics zones (SEZ) in 2008-09 as more companies, including Reliance Infrastructure Ltd, prepare to start full-fledged operations from these regions during the year.

Exports from Gujarat’s special economic zones are projected to be worth Rs35,000 crore in fiscal 2009, or 35% of the Rs1 trillion in estimated exports from all SEZs in the country, said Ravi Saxena, development commissioner, Kandla Special Economic Zone, Gujarat. In the following year, the state’s SEZ exports are expected to double to more than Rs70,000 crore. Read More>>

Sunday, March 23, 2008  India Realestate

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