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- I think the biggest advantage for Harayana is that its one third area is in NCR. Under the government of Mr Bhupinder Singh Hooda Haryana becomes the hub of Special Economic Zones.
Haryana has opted for the SEZ route to industrialization and faster growth. Under the Haryana State Special Economic Zone Act-2005, enacted by the Hooda Government, developers of SEZs are given relaxation in state-level taxes and duties. Besides providing conducive environment for growth, SEZs will offer industry global standard infrastructure facilities like airports, railway lines, roads, electricity, schools, hospitals, banks, shopping malls and parks. What's more, entrepreneurs are provided with tax-free enclave, globally competitive surroundings and status of foreign territory for purposes of trade. They are also offered sops like smooth transportation facilities, easy access to domestic and international markets and permission of excisefree receipt of raw materials from domestic levy zones.
There can't be better evidence of pro-industrial climate sweeping the state than the fact that Haryana accounts for the largest number of SEZs in the country. It has received proposals for setting up 68 SEZs. Out of these, the Central Government has given clearance to 49 to be set up in various parts of the state. These will bring in investment of the order of Rs 1,75,000 crore in developments of infrastructure facilities and attract industrial investment worth crores of rupees. Besides changing the face of industrial growth, SEZs will seek to redefine the very lifestyle and living standards of the populace of the state.CommentQuote0Flag
- Land prices look set to crash in Haryana
With Reliance’s ambitious 25,000-acre SEZ project in Haryana hitting a limbo following the EGoM decision on special economic zones, land prices in the surrounding areas is likely to witness a major crash.
Incidentally, ever since a major part of land and around Jhajjar was notified by the Haryana government for the Reliance SEZ project, early 2006, it resulted in a major boom in land prices.
For land to be acquired by the corporate major, the state government had imposed a minimum floor rate of Rs 22 lakh per acre, which was about 7-8 times the then prevailing market price of Rs 3 lakh. The resultant effect was simultaneously felt in the adjoining districts, like Rohtak, Jind and Rewari, where in the last 12-15 months, land prices have jumped 6 times over, to more than Rs 15 lakh per acre.
Real estate developers however are of the view that though there will be minor corrections as far as land price is concerned, there is no need to panic as far as a land price crash is concerned. Says Parsvanath CMD Pradeep Jain, “At best, land prices will be rationalised. Developers who have the vision for developing SEZ projects will go ahead with land procurement.
The demand is sufficient enough to sustain the boom in land prices.” However, contesting this notion, an official of Rewari development authority said, “The land prices in our area are around Rs 8-10 lakh per acre, but we estimate a substantive downfall in the prices due to centre’s notification, which has caused problems in the land acquisition of Jhajjar SEZ. The prices may see a drop by around 40-50%.”
According to Jharuhar development area officer, the areas in closest proximity to the RIL’s SEZ would be worst hit. “In anticipation that prices would rise in future, small time developers of the region bought land at very low prices, which could fetch them higher rates in future. Now, post notification, their land bank would be hit badly due to lack of takers,” he said.
National Real Estate Development Council (Naredco) deputy director Sumit Jha is of the view that areas which did not deserve to be such highly rated, would now become realistic in terms of prices. “The areas would definitely have to go through a correction phase. But developers would definitely come and development of real estate is bound to happen in these areas too at realistic prices,” he said.CommentQuote0Flag