Bengaluru, India, December 7, 2023: Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, is pleased to welcome the recent amendment to the Special Economic Zones (SEZ) regulations by the Ministry of Commerce and Industry. The revised regulations now permit demarcation of a portion of the built-up area within an SEZ unit on a floor-by-floor basis as a non-processing or non-SEZ area.
Aravind Maiya, Chief Executive Officer, Embassy REIT, said,
“We are extremely pleased with the regulatory announcement, and would like to thank the government for their responsive action in addressing and resolving this issue. This marks a highly positive development for India’s office sector, already gaining strong momentum from global captive centers (GCCs). Currently, our SEZ occupancy levels are around 80%, and this amendment will further elevate the attractiveness of our 20 msf premium grade-A SEZ office spaces, positioning Embassy REIT on a trajectory towards achieving pre-COVID occupancy levels.”
