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India Real Estate for Sale

Thursday, August 16, 2007

Goa wants to develop special economic zones

The tiny coastal state, which wants to emulate the success of Bangalore and Hyderabad in IT, has sought permission to establish 15 economic zones, mainly catering to IT and ITES sectors. The Centre has already given in-principle approval for seven of them, but the state is yet to answer the crucial question: Who will acquire land for the economic zones? Land is hard to come by in Goa. Nearly 40% of the state’s land fall under forest zones and, hence, cannot be used for commercial purpose. The land available for development is bound by strict rules framed during the Portuguese rule. Approval from all living family members is mandatory for purchase/sale of ancestral property in the state. This makes any land deal a complicated process. And the state may not be of help here.