Navi Mumbai’s Stalled project SEZ (Special Economic Zone) that’ll be spread across 5,300 acres, will be promoted as an industrial city.
Due to several reasons, this joint development by the Reliance Group, Jai Corp, SKIL Infrastructure and Industrial Development Corporation was not able to take off. Some of the problems included policy and taxation changes.
A senior bureaucrat said “The CIDCO board cleared the proposal for the industrial city, while keeping the ratio of industry vis-a-vis residential component the same at 80: 20. The only difference is that the industrial units within the project need not be export-oriented, as is mandatory in an SEZ.”
This project will now go through a round of final clearance. Once it is given clearance, the developer will have to move to the SEZ board to seek denotification as a trade enclave.
Last year in September, the government had requested for more time from the SEZ board to solve the issues the project was facing. These issues were pertaining to NMSEZ, as it had run out of extensions and would have faced denotification.
Earlier in 2013, because of the worry that it would exploit almost 40 % of the real estate area, the state refused to allow the conversion of the SEZ into IIAs (Integrated Industrial Areas).