Developers Benefited Through De-notified SEZs: CAG – The Indian Express – 29-Nov-2014

December 2, 2014 - Uncategorized

Flaying the SEZ policy, the Comptroller and Auditor General (CAG) said large tracts of land acquired for special economic zones were de-notified but the resultant price appreciation benefited developers.

“We noted a trend wherein developers approached the government for allotment/purchase of vast areas of land in the name of SEZ. However, only a fraction of the land so acquired was notified for SEZ and later de-notification was also resorted to within a few years to benefit from price appreciation,” the CAG report, which was tabled in Parliament on Friday, said.

In terms of area, out of 39,245.56 hectares of land notified in the six states (Andhra Pradesh, Gujarat, Karnataka, Maharashtra and West Bengal), 5,402.22 hectares (14 per cent) of land was de-notified and diverted for commercial purposes in several cases, it said.

Many tracts of land acquired were not serving the objectives of the SEZ Act, it added.

The Indian Express

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