DLF, India's largest real estate developer has requested the Ministry of Commerce & Industry for de-notification of four of its nine special economic zones (SEZs) for information technology and information technology enabled service projects. However, it is not clear as to which SEZs it is seeking to de-notify
Business Standard had reported that DLF is considering pulling out of the Rs 1,000 crore infopark project which was being developed over 54 acres.
The company is facing a cash crunch amid the prevailing economic downturn, which has slackened the demand for commercial real estate projects.
The clarification comes after the National Stock Exchange sought information from DLF about its reported plans to surrender its SEZs due to cash crunch.
The NSE in a statement had said "the media had reports that DLF Ltd may surrender five of its nine IT-ITES SEZs. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company."
According to reports, companies such as DLF and Parsvanath have been unable to raise funds for their SEZ projects. Earlier, Parsvanath had put on hold 12 IT/ITeS SEZ projects.