The green signal given by the high-power committee set up by the State government to de-notify Hill No. 2 of Rushikonda of Madhurawada Special Economic Zone will make the dream of IT exporters in getting bank finance and give their premises on lease a reality.
With IT Minister Palle Raghunatha Reddy recently declaring that the government will submit a formal proposal to the Ministry of Commerce for de-notification, the long-awaited demand of the entrepreneurs will be fulfilled anytime from now.
Rushikonda IT Park Association (RITPA) had vociferously campaigned for de-notification after entrepreneurs were forced to convert their individual ownership deals into lease deeds as part of the decision of the government to issue Special Economic Zone (SEZ) notification.
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Even after granting of status, the outright sale of land in Hill No. 1 of Rushikonda to some units had caused consternation among the allottees of Hill No. 2. The Hill No. 2 has units including Sankhya, Symbiosys, Mahati, Navayuga, Nunet, Clove Tech, Asian Infotech, Softsol, and Color Chips. The units at Hill No. 2 have so far created a built-up area of over seven lakh square feet. However, only 20 per cent of its built-up space is under utilisation.
Once de-notified, they will be at liberty to lease out their premises to outside agencies.
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A CEO of a company told The Hindu that most of the space was lying idle due to lack of ecosystem and their inability to give it on sub-lease. The units, who first bought the land by paying Rs.10 lakh per acre to APIIC, had to spend heavy amount subsequently towards development charges before they agreed to become lease-holders.
“We are happy with the development though it has been delayed inordinately. We contacted Union Commerce Minister Nirmala Sitharaman, local MP K. Haribabu and Ministry of Commerce officials. They told us that once they get a formal proposal from the State, the Centre will de-notify immediately,” RITPA vice-president O. Naresh Kumar said.
Hill No. 2 of Rushikonda in Madhurawada Special Economic Zone to be de-notified