Leading real estate major Rahejas Mumbai based Strength Real Estate is pulling away from developing the proposed IT SEZ (Special Economic Zones) at Vamali in Vadodara district which was to be developed on over 13.74 hectares of space. The decision of the company has been communicated to the state and the central government. The company withdrew from the IT SEZ proposal because of global downturn and also due to the Direct Tax Code which resulted in withdrawal of SEZ benefits. According to sources of the department of Science and Technology the company has expressed its willingness to return back the land along with the benefits associated with the said project.
However the Rahejas are going ahead with the SEZ that it is developing on 27.85 hectares of land in Gandhinagar. The development of said IT SEZ at Gandhinagar had been cancelled in 2008 by real estate major DLF due to global downturn. The Vamali SEZ had witnessed biddings by both Rahejas and DLF and Rahejas had bagged it because of its attractive proposal. Accordingly land was bought by the company from the government and additional land at market rate. Company sources said that Raheja gives utmost priority to environmental aspects when developing a real estate project and it found the Vadodara SEZ project to be environmentally unviable.
However the Rahejas are going ahead with the SEZ that it is developing on 27.85 hectares of land in Gandhinagar. The development of said IT SEZ at Gandhinagar had been cancelled in 2008 by real estate major DLF due to global downturn. The Vamali SEZ had witnessed biddings by both Rahejas and DLF and Rahejas had bagged it because of its attractive proposal. Accordingly land was bought by the company from the government and additional land at market rate. Company sources said that Raheja gives utmost priority to environmental aspects when developing a real estate project and it found the Vadodara SEZ project to be environmentally unviable.
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