The Bundelkhand and Purvanchal regions will get a 100% remission of the stamp duty due when new industrial units are built there, according to a notification from the Uttar Pradesh government outlining the policies and procedures for such exemptions.
According to the announcement made by Leena Johri, Principal Secretary, Stamp and Registration Department, the exemption for new units in Madhyanchal (central UP) and Pashchimanchal (West UP, barring Gautam Budh Nagar and Ghaziabad districts) will be 75%.
The National Capital Region (NCR) districts of Gautam Budh Nagar and Ghaziabad would only offer a 50% exemption to those who wish to establish new units there. It is believed that this is because the majority of investors were eager to open businesses in the two areas.
According to the notification, exemptions will only be granted following a thorough verification of the land purchase by the district magistrate or district commissioner (industries) involved, who will also sign as a “witness” to any exceptions provided in accordance with the new policy.
The units that were exempt from paying stamp duty under another policy would not be eligible for this remission.
The district magistrate or deputy commissioner (industries) in question will have to verify that the land is being bought or leased in accordance with the Uttar Pradesh Industrial Development and Promotion Policy, 2022, per the announcement. Any one of these two officers will have to sign the exemption as a “witness.”
According to the government, in addition to the districts included in the Devipatan region, Purvanchal would also include Prayagraj, Varanasi, Mirzapur, Azamgarh, Basti, Gorakhpur, and Ayodhya. The districts in the Lucknow and Kanpur administrative divisions will make up the Madhyanchal area.
The administrative districts of Chitrakoot and Jhansi would be included in Bundelkhand, and Aligarh, Moradabad, Saharanpur, Bareilly, Meerut, and Agra will be included in the West UP or Pashimanchal region (excluding Gautam Budh Nagar and Ghaziabad).
In total, the state government got investment bids for 45% of Western Uttar Pradesh, 29% of Purvanchal, and 13% of Bundelkhand and Madhyanchal during the Global Investors Summit in February.
In order to encourage the development of new units outside of Western UP, the stamp duty waiver has been created, according to the notification.
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