Draft Norms for SEZs in India

The controversial SEZ (a.k.a Shangri-La for Real Estate Sharks) policy finally has some norms. This is coming after approval of these SEZs. The commerce ministry in control of the SEZs doesn't have a proper plan or strategy and is being criticized from every walk of life from IMF to the Reserve Bank of India.

Here is a brief outline of the new norms. If You have any objection against the land grabbers, e-mail your complaints to PM India and CC to Commerce ministry.

• Multi product SEZs require net worth of at least Rs 250 crore and a minimum investment of Rs. 1,000 crore.
• Sector-specific SEZs require minimum investment of Rs. 250 crore and the minimum net worth of Rs. 50 crore.
• Developers of sector-specific SEZs can build a maximum of 7,500 houses, a 100-room hotel, a 25-bed hospital and have an office space of up to 50,000 sq. metres in the non-processing area.
• Developers of multi-product zones, can build a maximum of 25,000 houses, a hotel with 250 rooms, a 100-bed hospital and office space of not more than 250,000 sq. metres. However, developers can build houses only in stages and the houses cannot be sold.
• IT SEZs brought under the supervision of STPIs but will take directions from the Commerce Minsitry on policy and complex issues.
  

Don't hesitate to write to the PM of India, Dr Manmohan Singh, who is also the architect of reforms in India.