Establishment of SRZs will end SEZ Scam in India

The largest Land Bank scam in the world is coming to an end with Real Estate developers making it clear that they want a special incentive zones - Special Residential Zones [SRZ] to ensure affordable housing in the country.

Mr. Kumar Gera, Chairman of Real Estate Developers said,

We need SRZs across India. With these zones patterned along the lines of SEZ Act entailing similar approvals, board structure and monitoring and executions. Concessions in terms of direct, indirect taxes and octroi must be provided.

These SRZs need to be supported by proper infrastructure, sustainable development and a realistic floor space index. He was silent on the Land Acquisition issue as most of the land around Tier-I & Tier-II cities now belongs to Politicians.