After SEZ fiasco, Reliance plans township in Gurgaon
Reliance Industries Limited (RIL) had got the proposal for developing its SEZ over an notified area of about 12,500 acres, a few years back. However, following land acquisition problems, the company failed to procure the required amount of land from farmers and hence, could not take off the project.
Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) had allotted about 1,380 acres of land to RIL for the development of an SEZ, in addition to the 1200 acres of land the firm had procured from the farmers.
The decision to denotify RIL’s SEZ was taken by Board of Approval, headed by Commerce Secretary S R Rao, in its meeting on June 12 2013. The land allotted by the state government was later taken back from the company.
The policies for setting up of ITPs had been unveiled recently by the Haryana government. It is now mandatory to obtain a NoC by the Union Commerce Ministry for denotification of any SEZ that is already-notified. With the no-objection certificate (NoC) issued for the for the denotification, RIL has now planned to launch an Integrated Township Project (ITP) on the 1,200 acres of prime land which it acquired.
Reliance Industries Limited has set aside huge chunks of land for the development of an ITP.Once the project is launched, property and plot prices in an around the area is expected to soar up. The integrated township would offer state-of-the-art facilities and amenities at a single point, at affordable rates. In addition to residential complexes, the township would provide commercial, sports, institutional and public facilities, including malls, multiplexes, clubs, play-way, schools, hospitals, stadium, golf course and the like. Home-buyers would be naturally attracted to the project as it would offer a complete integrated package of residential and commercial facilities, in one place.
Gurgaon is one of the localities in NCR which has been witnessing development in a rapid pace, for the last few years. With improved infrastructural facilities and an enhanced connectivity to the national capital and surrounding regions, real estate sector is witnessing an unprecedented growth in the area. Though the rental prices have not shown much fluctuations over the last few years, the area witnessed an appreciation of about 27% in the property sale prices during the first quarter of 2013, when compared to the figures observed during the first quarter of 2012.
