DLF wants to surrender 5 SEZs, approaches govt

DLF wants to surrender 5 SEZs, approaches govt
The Financial Express, April 16, 2009, Page 3

Press Trust of India, New Delhi

Reeling under a cash crunch, the country’s largest real estate player, DLF, has approached the government on surrendering its (DLF’s) five of the nine IT-ITeS notified special economic zones (SEZ).

“DLF has nine (notified) IT/ITeS special economic zones, five of them they are dropping they have made an application and it will come up after the elections,” a senior commerce ministry official said on Wednesday.

However, when contacted, a company spokesperson said, “We do not comment on market speculations”. While it cannot be ascertained as why the company plans to drop some of its SEZs, the entire real estate sector has been hit by a credit crunch, which has affected plans of major realty players. According to industry sources, firms like DLF and Parsvanath have been unable to raise funds for their SEZ projects. Earlier Parsvanath had put on hold its 12 IT/ITeS SEZ projects.