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Earlier this month, the government of Uttar Pradesh announced a 100% stamp duty exemption on the purchase or lease of land to set up logistic parks, IT parks and solar plants under the Uttar Pradesh Warehousing and Logistics Policy of 2022. The order was issued by the principal secretary of the UP government, Ms Leena Johri on April 12, 2023. The exemption will be valid for a period of ten years from the date of the notification.
Apart from land deals, a 100% stamp duty waiver will be offered to setting up solar energy units and truckers’ parks across the state. The waiver is applicable to all land allotted or leased by the industrial development authorities. However, all units obtaining the benefit of the stamp duty exemption will not be eligible for a stamp duty remittance under this policy and notification.
According to the notification, the district magistrate or deputy commissioner of industries will confirm the instrument of conveyance or lease is being executed under the prescribed format of the Uttar Pradesh Warehousing and Logistics Policy 2022 and bear witness to the transaction.
According to official data, a total of 1.41 lac properties were registered in Gautham Budh Nagar area alone, in FY 22-23, generating over Rs 3,000 crores in stamp duty and registration fees. At present, a 5% stamp duty and a 1% registration fee are charged on properties in Gautam Budh Nagar. In the Yamuna Authority area, the stamp duty is 7% and the registration fee is 1%.
The 100% stamp duty exemption on the purchase or lease of land for setting up logistic parks, IT parks, and solar plants under the Uttar Pradesh Warehousing and Logistics Policy of 2022 is a significant move by the Uttar Pradesh government to boost the state's economy. This exemption is expected to attract more investments and create employment opportunities in the solar and logistics sectors.
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