Hit by slowdown in the IT sector, realty firm Ansal Properties & Infrastructure is mulling over converting three out of four of its notified IT Special Economic Zones into residential projects.
The company will take a decision to apply for de- notification and converting the three IT SEZs, which have already been put on hold for the last 8-9 months, by the end of this year.
"We have four notified SEZs, of which three are IT SEZs. We are not developing these as there is no demand right now... For the last 8-9 months, these are on hold," Ansal API Vice-Chairman and Managing Director Pranav Ansal told reporters.
The sizes of the three SEZs, two of which are in Haryana and one in Uttar Pradesh, vary between 25 acres and 75 acres.
When asked if the company plans to develop some other projects in lieu of the SEZs, Ansal said: "We can consider converting the SEZs to some other realty projects, mainly housing. For that we have to apply for de-notifiction... Before December, we will decide."
Besides, the company is developing one more IT SEZ in Gurgaon, for which it has partnered with IL&FS.
Last year, the company had announced to invest Rs 3,600 crore in developing six IT SEZs and parks, spread over 270 acres in Greater Noida, Gurgaon, Lucknow, Khapoli and Noida.
Ansal API had sold stake in two SEZs — 33 per cent to HDFC Property Ventures Fund in Greater Noida and 49 per cent to an IL&FS fund in Gurgaon SEZ.