widespread criticism of the SEZ policy for promoting real
estate development in the garb of industrial promotion,
the commerce ministry has come out with new norms on financial
strength for SEZ developers and the kind of common facilities
that can be created within an SEZ.
per the norms, applicable to all fresh SEZ applications,
promoters of sector-specific SEZ's should have a minimum
net worth of Rs50 crore or should invest at least Rs250
crore. For multi-product SEZ's, the minimum net worth
requirement would be Rs250 crore and the minimum investment
would be Rs1,000 crore. For calculating net worth of promoters,
the combined net worth of all group companies can be considered.
board of approval has been given discretionary powers
to consider proposals, which do not meet the above criteria
lists of common facilities that would be allowed in sector-specific
and multi-product SEZ's have been notified separately.
Under these norms, housing units, hotels, hospitals and
schools would not be allowed in SEZ's for IT&ITES,
biotechnology and gems & jewellery sectors.
ministry has also set limits on housing, hotels and other
such facilities in larger SEZ's. Sector-specific zones
can have only 7,500 housing units and only up to 100 hotel
rooms. Total area of hospitals and schools cannot exceed
25,000 square metres. Other facilities like shopping malls,
entertainment centres and other facilities cannot
exceed 50,000 square metres.
zones can have up to 25,000 housing units and 250 hotel
rooms. Total area of other facilities cannot exceed 250,000