Parsvnath Developers Ltd has surrendered six in principle approvals it had received to set up Special Economic Zones across various regions in the country.

Mr Pradeep Jain chairman said that "Now since the government of India has put all taxes back into SEZ projects, we decided not to acquire the land and we applied to the government to surrender our six in-principle approvals.”

Mr Jain said that the company had received in principle approvals to set up SEZs in Moradbad, Jaipur, Pune and Agra besides the states of Tamil Nadu, Haryana adding the realtor has not acquired any land parcels in these regions.

Mr Jain further said that "We have decided to cancel it, basically because of the tax and there is no great potential (for SEZs) in the market."

(Sourced from ET)