DLF drops Delhi SEZ plan
DLF, India’s biggest real estate firm, has dropped its plans to set up an IT Special Economic Zone (SEZ) in Delhi.
The company cited the global slowdown as the reason behind the move. Instead, it will utilise about 25 acres purchased from Sriram Industries three years ago for residential projects.
The plot, close to Swatantra Bharat Mill, had an in-principle approval from the government to develop an IT-SEZ.
Last year, DLF had, in one of the costliest land deals in the city, acquired 37 acres close to the proposed IT-SEZ land for Rs1,675 crore. The idea was to develop the entire space as an integrated township, including an IT hub.
Company sources said that all other DLF SEZ projects are on track. No construction had started on the particular land, thereby enabling them to apply for de-recognition of its SEZ status.
DLF is the largest commercial real estate player with 38 mn sq ft of ongoing projects.