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»SEZ India Website, SEZ In India, SEZ Projects |
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 SEZ India Website, SEZ India Projects
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SEZ or Special Economic Zones are specially demarcated geographical regions that have more liberal economic laws as compared to the centralized laws of the country. SEZ concept itself gives the SEZ definition. The very purpose of a SEZ is to develop the area covered under the special economic zone by following special economic policies.
The basic motive behind developing a special economic zone like SEZ in India or SEZ in China, primarily in the developing countries is to attract mass foreign investments in the country. India Real Estate Investments have attracted huge foreign funds and thus the special economic zones in India have increased by and large.
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The SEZ norms and rules vary from country to country and region to region. SEZ land involved also decides the SEZ policy for the SEZ approvals. The SEZ act 2005 announced the SEZ policy in India for setting up of any special economic zone in India. This special economic zone act 2005 set the guidelines and procedures for acquisition of SEZ land and SEZ development following the proper SEZ laws. Further amendments were made through SEZ Act 2006 and SEZ policy 2007.
The SEZ history dates back to 1965 when first export processing zone was set up in Kandla, Maharashtra. That was the instigation of SEZ's in India. | |
The SEZ Act in 2005 established India Special Economic Zones formally. SEZ notification as mentioned in the SEZ Act includes:- To augment additional economic activity by attracting foreign direct investments
- To Promote of exports of goods and services
- To promote of investment from domestic and foreign sources
- To create more employment opportunities
- To develop infrastructure facilities of global standards
The SEZ India Website lists both the SEZ advantages and SEZ disadvantages. The SEZ Benefits are:- SEZ's offer economic progress to the area, the local inhabitants and the country as a whole
- Exemption from payment of stamp duty and registration fees on the lease/license of plots to the SEZ developer.
- External commercial borrowings of upto 500 million USD a year without any restriction of maturity to the SEZ developers.
Special economic zones and the SEZ projects have instigated certain SEZ controversy and a SEZ debate regarding the SEZ Disadvantages:- Revenue losses due to various tax exemptions and tax benefits awarded to the India special economic zones.
- Most Real Estate Developers In India are interested in setting up a SEZ to cash in the india real estate bubble by acquiring SEZ land at cheap rates and creating a land bank for themselves
India Real Estate holds a special section for SEZ where details regarding the SEZ news and notification, upcoming SEZ projects, listing of SEZ developers, SEZ consultants and consultant agencies, SEZ companies group engaged in development of special economic zones in India and others deserve special mention.
Presently around fourteen major special economic zones functional in India:- Santa Cruz, Mumbai, Maharashtra
- Cochin, Kerala
- Kandla And Surat in Gujarat
- Chennai, Tamil Nadu
- Vishakhapatnam, Andhra Pradesh
- Falta And Salt Lake in West Bengal
- Noida, Greater Noida in Uttar Pradesh
- Indore, Madhya Pradesh
- Jaipur, Rajasthan
Owing to the mass attraction of SEZ's in terms of the SEZ benefits or advantages, major Indian conglomerates are jumping into the SEZ development bandwagon. Some of the names that deserve mention here are Mahindra & Mahindra with Mahindra World City in Chennai and Reliance Industries along with Haryana Government and coming up Special Economic Zones by Leading Real Estate Builders And Developers in India like Unitech India Ltd. and DLF . The newer areas attracting SEZ development are Navi Mumbai, Manesar,Gurgaon,Noida, Indore, Dehradun, Kanpur, Kochi, Nadigram, Surat, Nagpur, surrounding areas of Pune, Goa, Bangalore, Hyderabad, Jaipur, and Karnataka.
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