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Indian Real Estate News : Delhi NCR
Reliance Industries Focusing on Haryana SEZ
Source: news.indianpropertyreview.com Jan 04, 2011
Mukesh Ambani-led Reliance Industries is relooking their ambitious 25,000 acres multi product special economic zone project in Haryana which the company had practically put on hold since the beginning of this year. In the last 7-8 days, it has started fresh land acquisition in the Jhajjar district. But this time around RIL might have to invest significantly more than in their original plan because the state government has decided to almost double the land price for the project, to Rs 38 lakh per acre, from the original contract of Rs 22 lakh per acre.

"We have decided to increase price of land, because we want prosperity to reach the last man in the mile. We have already communicated it to RIL, and they have started buying land at the increased prices," said Shiv Bhatia, advisor to CM, Haryana government. In fact, RIL will also have to pay an annuity income of Rs 42,000 per year for every acre of land for the next 30 years and this amount will have to keep increasing by Rs 1,500 per acre every year.

So far, RIL has acquired close to 8,000 acres for the project. According to the original contract, the company will have to buy 17,500 acres directly from the farmers and the state government will then allot the remaining 7,500 acres, to help the company achieve continuity in the project. The RIL SEZ project has been on hold since the beginning of this year. In fact, earlier this year, RIL even proposed a watered down version of the project, mainly because of adverse conditions in the export market. But now, the project is primarily back on track after RIL saw Mitsui and Panasonic showing interest in setting up large operations at the SEZ.

Tag: Property Prices, Real Estate Companies, Real Estate Developers, Real Estate India, Special Economic Zones
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