Economic Meltdown Forces Raheja To Give Up SEZs

Published: June 12, 2009 at 5:19 PM | Author: Administrator
News Source: 2 June 2009 - Indian Realty News

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Special Economic Zones (SEZs) were the flavor of the season till last year. But the downturn in the global economy has forced some developers to surrender their SEZs One such developer is, Raheja Universal, that has requested the ministry of commerce and industry to denotify its 50-acre IT/ITES SEZ in Navi Mumbai and also sought part denotification of a portion of its 30 acre SEZ in the same area. According to sources, Raheja Universal approached the board with a proposal to surrender its SEZ, citing economic recession in the IT industry. Raheja has been selling of its land bank for the past several months now. Last month, the realty company sold its Wallace Flour Mills property at Mazgaon for a substantial loss following pressure from a private bank to shore up its hefty loans.