Citing environmental hazards, Strength Real Estate Private Limited, a special purpose vehicle (SPV) floated by Mumbai-based K Raheja Corp, has withdrawn the formal approval granted for an IT/ITeS special economic zone (SEZ) at Vemali near Vadodara in Gujarat.
Spread across an area of 13.74 hectares, the IT SEZ was supposed to come up on the banks of the river Vishwamitri. However, environmental hazards prevented the SPV from moving further. “Any construction work on that site would have deteriorated the situation,” said a source close to the development.
The Board of Approval (BoA) has accepted Strength Real Estate's request for withdrawal of formal approval.
Meanwhile, K Raheja Corp is already constructing Gujarat's first IT SEZ, Mindspace, near Gandhinagar; on which work is in progress. Spread across an area of 68 acre, apart from an additional 25 acres allotted to K Raheja Corp for support services, the IT SEZ will see around 15 buildings including about 10-15 million sft of space for IT/ITeS.
The Rs 1,200-crore Mindspace IT/ITeS SEZ is coming up on the Ahmedabad-Gandhinagar Knowledge Corridor in Gujarat.
