India grants more SEZ Approvals

By Dhruva Jyoti Chowdhury

Kolkata, India: To consider proposals pertaining to the Special Economic Zones (SEZs), the The Board of Approval (BOA) of the Special Economic Zones (SEZs) met recently. The Board also approved other miscellaneous requests pertaining to SEZs. In this meeting, 53 applications for setting up SEZs were considered and 36 Formal approvals and 9 In-principle approvals were granted.

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Prominent among the Formal approvals are: Electronic Hardware SEZ by Foxconn India Developers Private Limited in Tamil Nadu; Aviation Sector SEZ by GMR Hyderabad International Airport Limited in Andhra Pradesh; One IT/ITES SEZ and one Gem and Jewellery SEZ by Omnibus Industrial Development Corporation of Daman & Diu and Dadra & Nagar Haveli; Three SEZs for Biotechnology, Light Engineering and Pharmaceuticals by Navi Mumbai SEZ Private Limited in Maharashtra; IT/ITES SEZ by Reliance Infocom Infrastructure Private Limited in Maharashtra and six IT/ITES SEZs by Electronic Corporation of Tamil Nadu in various Districts of Tamil Nadu and MAS Fabrics Textile SEZ in Andhra Pradesh which is being developed with 100% FDI.

Prominent In principle approvals granted are : Electronics and Electrical SEZ, Engineering Equipment & Components SEZ and a Multi Product SEZ by TIDCO in Tamil Nadu; Multi product SEZ by DLF Limited in Rajasthan; Aerospace related industries SEZ by KIADB in Karnataka.

With this set of approvals, the total number of SEZs granted formal approval is 339 i.e. 339 SEZs are there with land and of these 126 have so far been notified. Investment of 35145 Crores has taken place so far and current employment in new SEZs is about 33000 persons. It is expected that by end of the year additional employment in the new SEZs would cross 100,000.

The Chairman of BOA Shri G.K.Pillai, apprised the Members of the Board that the Central Government has issued certain instructions with regard to approval of SEZs and the land acquisition for SEZs and the Chief Secretaries of all the State Governments have been informed that the State Governments would undertake acquisition of land for SEZs only when 100% of the owners give consent. The State Government representatives were informed that if any proposal for compulsorily acquired land comes up, the same would not be notified as SEZ. It was also advised that to the extent possible, double crop and multiple crop lands should not be acquired.

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Insight of Mumbai Real Estate Market

Submitted by Daniel Marshel

To own a beautiful house in first-rate area of any city is everyone’s dream in India today. But this dream becomes all the more difficult if you would like to own a house in big cities like Mumbai, Delhi, Kolkata, Chennai, and Bangalore. In metros like Mumbai, it is a gigantic task to come across an appropriate house within your means. But this tricky task can be made easy and trouble-free if you can engage the services of a competent property consultant who knows the in and out about Mumbai Real Estate market.

Mumbai property market is the largest real estate market in India. With a population of around 19 million people, Mumbai and its suburbs encompasses one of the biggest urban agglomerates in the world, that is only second to Tokyo. The population of Mumbai is increasing at a massive rate. Unfortunately, the rate of new residential and commercial property development in Mumbai has always been lower than the rate of increase in population. As a result, you come across families in Mumbai who are forced to live in small rooms. All these facts point to the amount of intricacy you can face while locating a suitable property in Mumbai either to buy or rent-in.

To stay away from this difficulty, my advice for you would be to take into service a competent real estate consultant in Mumbai. These agencies with years of practical experience of working in Mumbai real estate market can help you under different circumstances. They can help you to locate and buy a commercial or residential property in Mumbai for you. As well as, they can be a great helping hand if you want to sell property in Mumbai. They can even help you in case you are looking for long or short term rental in Mumbai.

Since population graph of Mumbai shows an upward trend, it means that property prices in Mumbai would be higher when compared to any other Indian city. Lack of space for new property development from Juhu Beach to South Mumbai, has made the property prices in this area to shoot skywards. Of-late there has been a new craze of redevelopment of property in posh Mumbai areas like Bandra. But the property prices in areas like, Juhu, Bandra are to some extent unaffordable to middle class. With the intention to win this segment of the society, the market of real estate in Mumbai is developing various projects in the suburbs of the city.

Navi Mumbai, a suburb of Mumbai, is their main target in order to provide affordable commercial residential property in Mumbai. Known as the twin city of Mumbai with a population of 0.75 million, the future of Navi Mumbai real estate is very bright and property prices here are already started to move upward quickly. And to me it is the best time to buy property in Navi Mumbai.

As a Mumbai real estate consultant my advice to you would be to buy property in Mumbai suburbs instead of main Mumbai city. As suburbs like Navi Mumbai are being developed with modern plan and infrastructure providing every facility of life; property prices here are surging in these areas. The choice is yours but there is one thing certain. The property value in Mumbai is going to increase with course of time and an astute investment in Mumbai real estate market can earn you massive profit in future.