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Special Economic Zones, SEZ India Projects

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 purpose behind developing a special economic zone like SEZ in India primarily in the developing countries is to attract mass foreign investments in residential property, commercial property, township construction planning, housing planning in India. India real estate investments have attracted huge foreign funds and thus the special economic zones in India have increased by and large.

Almost all the top business houses are trying to establish SEZs mostly captive SEZs -where their new plants will come up. Quite a few sector-specific SEZs are being established, especially in the Engineering, IT sectors and other real estate development. The proposals and approvals for multi-product SEZs are relatively few and those promoted by reputed builders are fewer. Yet, they have received more attention for the non-processing area that they will develop.

The SEZ norms and rules fluctuate 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 for township construction planning, housing planning India, residential property like 3 BHK luxurious apartments and 3 BHK lowrise luxurious apartment 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 real estate infrastructure facilities of global standards.

The SEZ benefits are:

  • SEZ's offer economic progress to the area, the local inhabitants and the country as a whole.
  • Exclusion from payment of stamp duty and registration fees on the lease/license of plots to the SEZ developer.
  • External commercial borrowings of up to 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.

India real estate holds a special section for SEZ where details regarding the SEZ news and notification, upcoming SEZ projects, listing of real estate developers, SEZ consultants and consultant agencies, real estate company group engaged in real estate development of special economic zones in India and others deserve special mention.

     
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