Godrej Group’s realty arm Godrej Properties (GPL) plans to convert its Hyderabad IT SEZ project into a residential one. GPL had bought over 34 acres of land in Hyderabad in 2006 to set up a Special Economic Zone (SEZ) keeping in view the boom in the IT sector then. “SEZs are no more lucrative following the slowdown in the IT sector and due to some government regulations. We are looking at converting our Hyderabad SEZ project into a residential one, most likely catering to the mid-market segment. We will not focus on SEZs as of now,” Godrej chairman Adi Godrej said.