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Special Economic Zone is one or more areas of a country where the tariffs and quotas are eliminated and bureaucratic requirements are lowered so that more companies are attracted to the area. The companies establishing in the area also gets extra incentives for doing business.

The essential purpose behind developing a special economic zone like SEZ in India or SEZ in China, primarily in the developing countries is to magnetize 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.

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:

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