The state government has issued a notification for a 100% stamp duty exemption on the purchase or lease of land for new solar plants and IT and logistic parks.
Leena Johri, principal secretary with the UP government, issued the relevant government order on April 12, 2023.
“The governor is pleased to remit the stamp duty for establishing a new unit or park under Uttar Pradesh Warehousing and Logistics Policy, 2022. There will be a 100% exemption of stamp duty on land purchased or taken on a lease (for an at least 10-year period) for setting up logistics parks anywhere in the state,” the order said.
Apart from this, there will be a 100% stamp duty exemption for setting up solar energy units and truckers’ parks anywhere in the state. The exemption will be on land purchase, as well as allotment, by industrial development authorities.
The district magistrate or deputy commissioner of industries shall confirm in the instrument of conveyance or lease that the deed is getting executed under Uttar Pradesh Warehousing and Logistics Policy, 2022, and sign as a witness.
Officials said any unit obtaining the benefit of stamp duty exemption under any other policy would not be eligible for a stamp duty remittance under this policy and notification.
A total of 1.41 lakh properties, including plots, got registered across Gautam Budh Nagar in the 2022-23 financial year, generating Rs 3,018 crore in stamp duty and registration fees, according to the registration and stamps department. In the previous financial year, 1.22 lakh properties got registered, bringing in Rs 2,377 crore in revenues.
Presently, there is a 5% stamp duty and a 1% registration fee on properties in Gautam Budh Nagar.
For properties in the Yamuna Authority area, the stamp duty is 7% and the registration fee 1%.