Credit crunch forces Parsvnath to hold 12 SEZ projects
UNI
NEW DELHI, DEC 19
Faced with credit crunch due to the economic slowdown, the country’s leading realtor Parsvnath Developers Ltd today said it has put on hold those 12 Special Economic Zone (SEZ) projects for which it has not acquired land.
”The large projects, like SEZs, where we need to invest a huge sum of money, have been put on hold…the SEZ projects like in Chennai, Pune and some other locations, where we are on the way to acquire the land, we have stopped to acquire the land at this point of time,” Parsvnath chairman Pradeep Jain told reporters here.
The company’s subsidiary, Parsvnath SEZ, had planned to develop 17 SEZs in various segments like food processing, IT/ITeS, biotech, pharma, gems and jewellery, handicrafts, leather and automotive sectors, apart from multi-product SEZs.
At present, it is developing five SEZs at Gurgaon, Indore, Dehradun, Hyderabad and Kochi, and it will go ahead with these projects.
”Wherever we have already acquired land, we do not want to put on hold. We are focusing on completion of these ongoing projects rather than taking new ones,” he added.
On Wednesday, after meeting Planning Commission deputy chairman Montek Singh Ahluwalia, Jain had said that the realtor sees no further scope to cut prices as they had already fallen in the range of 5-20 per cent in some areas.
