Special economic zones play a significant role in transforming the potential of a region. The impact of such a development is usually seen over a period of time. India’s first special economic zone exclusively for a port will soon be developed by the Jawaharlal Nehru Port Trust (JNPT) on 276 hectares of land near Belpada-Karal villages on the Panvel-Uran road.

The proposal to set up the special economic zone has been approved by JNPT’s board of trustees and has been sent to the Centre.
 
The SEZ would comprise both processing and non-processing units to meet the requirements of not only JNPT but also the proposed airport coming up near Navi Mumbai.  “It will be the first of its kind in India,’’ its chairman S S Hussain said, adding that once the formalities were completed, the government would ensure that the project was completed within a specified time period.

A senior official claimed the Rs 3000-crore SEZ would generate jobs for 30,000 people in leather, plastic, electronic goods and furniture production. “There will be a logistics and hardware park, and in addition, the SEZ will cater to the needs of the IT sector. We propose to undertake 70 per cent processing activity and 30 per cent non processing activity,’’ he said.

Setting up the SEZ and completing it within a time-bound period will not be a difficult task since the entire land required for it is already in JNPT’s possession.

News impact on Expat Properties:-

The setting up of the special economic zone will attract the interest of businesses since it (sez) would also be used to meet the requirements of the proposed Navi Mumbai international airport. It must be brought to notice that recently during his address to both houses of the Maharashtra state legislature in this month (November), the Governor S C Jamir stated that the proposed new international airport at Navi Mumbai would be speedily completed.

The JNPT sez and the proposed Navi Mumbai international airport will bring an increase in trade related activities and this would attract further developments to the Navi Mumbai area. Navi Mumbai’s real estate will in turn benefit from this.

In September, a recent auction of two lands in Navi Mumbai saw them being sold for higher prices compared to an earlier time when they were auctioned. In light of these recent auctions, CIDCO’s (City and Industrial Development Corporation) marketing manager D L N Murthy stated that the real estate in Navi Mumbai is once again attracting several entrepreneurs and the rates, though marginally increased after the financial downturn, were stabilizing to an extent.

Expat Properties has its bungalow plot projects in Khalapur (The Gardens) and in Panvel (The Solitude Greens). In the midst of the realty revival and the setting up of the JNPT port sez and upcoming Navi Mumbai International airport, these properties have a good scope of appreciation.

For more information visit:

'JNPT lines up India's first port SEZ', Times of India, Mumbai, November-12-2009
'Navi Mumbai realty soars, plot sold at Rs 1L per sq-mt', Times of India, September-12-2009
'Guv: Linguistic disharmony will not be tolerated', Times of India, November-12-2009.