DLF withdraws Delhi IT SEZ plan

DLF, India`s largest real estate developer, has dropped its plans to set up an IT special economic zone (SEZ) in Delhi citing slowdown in the global economy, reports Business Standard.

Instead, the company will utilize about 25 acres for residential projects. Earlier, it received an in-principle approval from the government in order to develop an IT-SEZ, close to Swatantra Bharat Mill. But, now it has applied for a formal withdrawal of the in-principle approval.

Last year, DLF had bought 37 acres close to the proposed IT-SEZ land for Rs 16.75 billion with an objective to develop it as an integrated township as well as an IT hub.