Photo Source; ANI
Investors to get discount on land purchase in this Indian state
Lucknow (Uttar Pradesh), April 2, 2023 (ANI): The Yogi Adityanath government has started preparations on a war footing to bring investments received through the Global Investors Summit (GIS-23) on the ground.
According to the notification, the government, which has already created an investment-friendly environment by establishing strong law and order situation in UP, has now prepared the required land for the proposed projects.
Stamp exemption will be provided to investors for setting up a new unit under the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022.
The exemption limit has been kept separately for Bundelkhand-Purvanchal, Paschimanchal-Madhyachal and Noida-Ghaziabad."
"However, it has also been clarified that stamp duty exemption on the purchase of land for investment under the policy will be available only on the recommendation of the District Magistrate, or District Industries Deputy Commissioner," it added.
The notification further said, "According to the latest notification, the DM/Deputy Commissioner (Industries) will have to confirm the transferred lease to allow exemptions under the Uttar Pradesh Industrial Investment and Employment Promotion Policy-2022."
"Any one of the above two officers will also have to sign as a witness for this. The unit which has availed facility under any other policy shall not be considered eligible for exemption or waiver of stamp duty," it added.
The implementation of the provisions will be done according to the procedural principles issued or existing by the Stamp and Registration Department. This policy will be considered effective about implementation only from the mandate issued in 2022," read the release further.
According to the notification, priority will be given to investment projects in Purvanchal and Bundelkhand with exemptions in stamp duty.
The release said, "Of the total investment proposals received through GIS, 29 percent will be in Purvanchal and 13 percent each in Bundelkhand-Madhyachal and 45 percent in Paschimanchal."
"The Yogi government has taken several steps to develop the traditionally backward regions of Bundelkhand and Purvanchal and the proposed investments are expected to take the development of the regions to a new height," it added.
Purvanchal and Bundelkhand will get a 100 percent exemption in stamp duty, Madhyanchal and Pashchimanchal barring Noida and Ghaziabad will get 75 percent and Noida-Ghaziabad will get a 50 percent stamp duty exemption.
According to the notification, all the zones have also been clarified. Accordingly, Agra, Aligarh, Moradabad, Saharanpur, Bareilly and Meerut divisions have been kept in Paschimanchal. Noida and Ghaziabad districts are not included in this. There is a separate provision for stamp exemption in these two districts.
On the other hand, Prayagraj, Varanasi, Mirzapur, Gorakhpur, Azamgarh, Basti, Ayodhya, and Devipatan revenue divisions will be included in Purvanchal. The exemption will be given for investment in Lucknow and Kanpur in Madhyachal and Chitrakoot Dham and Jhansi Mandal in Bundelkhand. (ANI)