18 December 2023 – The Asia Pacific Real Assets Association (APREA) is pleased to announce a groundbreaking victory in its advocacy efforts as the Government of India approves a key amendment to the Special Economic Zones (SEZ) Rules, 2006. The amendment allows partial and floor-wise denotification of SEZs, providing a major relief to owners and operators of office parks across the country.
The amendment is a strategic move that aligns with the growing demand for premium workplaces, offering flexibility and operational efficiency. APREA, working closely with its members in India, has been a driving force behind this positive development, emphasizing the need for adaptability to changing market dynamics and the tailoring of offerings to meet evolving client requirements.
“APREA commends the Government's decision to de-notify SEZs on a floor-wise basis, representing a significant step in the ongoing efforts to further boost the impending occupation for SEZ office spaces. This amendment empowers companies to optimize space utilization, adapt to changing market dynamics, and elevate the overall efficiency of SEZ operations, offering a consolidated business approach,” Sigrid Zialcita, CEO of APREA, said.
“This development will surely garner significant attention from global investors who closely observe India's regulatory landscape, recognizing the country's strategic moves to enhance the business environment,” she added.
APREA celebrates this win as a testament to the association's commitment to creating positive changes in the real estate industry, and it marks a milestone in the collective efforts of APREA and its members in India. The amendment is poised to reshape the landscape of SEZs and enhance the country's appeal as an attractive destination for real estate investment.
