In a significant development for the real estate sector, DLF, one of India's prominent developers, has obtained the No Objection Certificate (NOC) from the government, allowing it to advance its plans for a Special Economic Zone (SEZ) in Kolkata.
Mr. D K Mittal, the Additional Secretary of the Commerce Ministry, spoke to the media following a meeting of the Board of Approval, which serves as the nodal authority for SEZ matters. He confirmed that the Board of Approval has granted re-notification to DLF’s SEZ project in Kolkata.
Initially launched in June 2008, DLF proposed four SEZ projects, including the one located in Kolkata. However, the path forward for this project was fraught with challenges. DLF had to navigate through various governmental processes to seek the Ministry's input on revitalizing this tax-exempt IT and ITeS zone. Ultimately, the rising demand for leasing space in the IT/ITES sector propelled the company to move forward with the project's resumption.