What is an industrial park?
An industrial park is an ecosystem that developers (government or private ) provide to help industries settle faster. These parks offer multiple options like land, Built to Suit buildings (for rental and purchase), and Flatted factories. These parks have the necessary infrastructure like roads, power, and water available at the plot boundary.
An industrial park is a zone specifically for industrial purposes. Some parks are for specific products, like food park, textile park, footwear park or furniture park, which has the entire ecosystem for that product inside the park.
Difference between the industrial park and private land
In contrast to individual private land, the industrial parks have access roads, power, water, gas and other facilities available. Also, any industry in the industrial park can look for a workforce from neighboring villages, towns, or cities. Moreover, the park authority gets the land usage cleared before sale to the industries. Whereas in private land, the same has to be done by the industry owners. The drawings given by the architects and engineers can be submitted to the single window for statutory approvals.
These parks also provide many common facilities to the industries within the park. Many parks in not-so-well-developed areas have an additional benefit through incentives. These parks help to improve the business diversity and economy of that area. The main objective of an industrial park is to be complementary to production and manufacturing. It assists all sizes of industries from small, medium to big.
What is a Special Economic Zone?
The Special Economic Zone are parks that get certain additional benefits. The benefits range from stamp duty, income tax, GST etc. These economic zones promote investment from domestic and foreign sources. Additionally, they provide procedural ease and efficiency for speedy approvals, clearances, customs procedures, and dispute resolution.
The industries, industrial architects and engineers find many benefits and recommend a plot in an industrial park instead of an individual private plot.
