IT firms located in Software Technology Parks of India (STPI) locations are now preferring Special Economic Zones (SEZs) backed by favourable fiscal benefits. Of the 366 formally approved SEZs in the country, 62 percent are solely dedicated to the IT/ITeS sector.
People in the realty business say that abundant space supply, backed by various advantages and fiscal benefits compared to STPI locations, has led to IT companies preferring SEZs.
As of August 2007, there are 366 SEZs approved and 142 SEZs notified covering a total of 2,061 sq km across India. For the 142 notified SEZs, as much as Rs 46,700 crore has been spent on creating infrastructure facilities offering direct employment to around 40,000 people.
Now that this scenario is developing in the country, the success of SEZs depends on various factors which play an important role like building a supportive environment such that its benefits are reaped by the other sectors along with the targeted ones, Cushman and Wakefield-India said in its report ?India gaining momentum? prepared for the Global Real Estate Institute.
As per current estimates in Karnataka, a majority of the notified SEZs are for IT/ITeS sectors and the total projected supply for 2007 is expected to be around 9.8 million square feet and another 5.4 million square feet are planned for 2008.
According to Abhishek Kiran Gupta, of Jones Lang LaSalle Meghraj, ?Given that there are four SEZs under development in Bangalore?s outer ring road, the market is expected to witness robust supply over the next two years. This supply is demand driven wherein project development phasing is largely linked to the pre-leases in the initial phases of the project.
Source: Business Standard Anil Urs, Chennai, Bangalore<< BackTop
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