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Home > Forum > Indore > Real estate News > Developers seek Government approval to cancel tax free zones

Developers seek Government approval to cancel tax free zones

Q: Hello. I have heard that many of the developers in the city have recently approached the Government to surrender their projects? Is this true?

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Replies (5)
1
The econoic meltdown is actually a really big reason and I think that the real estate market in the city is really badly effected by this. Many SEZs in the city would have meant that there will be many more investments in the city, but many of the big builders seem to be withdrawing from the market.
Deeptika Choksey


2
SEZs, which were emerged as a major export hub in the country, started loosing sheen after imposition of minimum alternate tax MAT and dividend distribution tax or DDT tax. This has put off many of the developers who want to invest in the city.
Swetha Prakash


3
The developer has not made any progress in setting up the SEZ referring the reason as economic slowdown and has stated that there is no plan to start any activity at present. Accordingly, Development Commissioner (DC) has recommended cancellation of formal approval and withdrawal of notification
Abhijeet Chaubey


4
Actually,, formal approval has been granted by the Department of Commerce. But, since there is no significant progress made by the Developer/co-developer, the concerned DC has proposed for cancellation of formal approval granted to the developer.
Vidushi Chandratre


5
Yes yes. This is true, many of the builders including JSW Aluminium Ltd, DLF Commercial Developers and Parsvnath, have approached the government to surrender their projects. Out of 57 SEZs, 35 tax-free enclaves are from IT/ITeS sector. While other sectors include engineering, biotec, gems and jewellery, pharmaceuticals and textiles.
Aditya Jogi


Hey, but that is not good at all. What is the main reason that this is happening?
Arjun Singh Ranawat,  Indore
3rd March 2015


6

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