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LAND PRICES IN NAVI MUMBAI SET TO CRASH IF SEZ IS WITHDRAWN

sez1On the Reliance SEZ, sources say that if the proposal was withdrawn, the immediate impact would be on land prices in the region. Currently, the prices range between Rs 25 lakh to Rs 80 lakh. If the project is cancelled, land prices will crash below the level of Rs 5 lakh per hectare. On the options before the Reliance SEZ, the official said prima facie three options were available-seeks further extension from the board of approvals for acquisition of land, file a fresh application for the SEZ project or set up an SEZ on the land already acquired. For a multi-product SEZ, the minimum requirement of land is 1,000 hectares, while requirement of land for service and specific sectors is 100 hectares and ten hectares. They can set up the SEZ and later club it, as has been done in a section of the states. However, the chances of all this are so bleak that it wouldn’t come as a surprise if soon the land prices of the area crashes from a whopping Rs. 80 lacs to Rs. 5 lacs. Sana Warsia – NMTV News.

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