UP waives stamp duty on land for IT projects

UP waives stamp duty on land for IT projects
The Financial Express, November 10, 2009, Page 19

Press Trust of India

Lucknow: The Uttar Pradesh government has decided to waive off stamp duty on land for Information Technology units and call centres being set up in the state.

“In the wake of the global meltdown, the state government has also decided to extend the time limit of completion of IT projects by two years,” principal secretary Information technology Chandra Prakash said here on Monday.

Prakash said the allottees will be required to get their development plan approved from the competent authority within 42 months of getting possession of land.

“Similarly, these units will have to obtain completion certificate of land allotment within five years and execute the project within seven years,” he said.

He said Information Technology units, which fail to complete the projects within the stipulated time will be required to repay stamp duty concession along with interest.

“The Uttar Pradesh government has also decided to reduce lease rent of commercial plots and properties being allotted through bid to Information Technology units till March 21 to 1% per annum from 2.5% per annum at present,” Prakash said.

He said any unit that wants to pay the lease rent one time will have to pay only 11% instead of 27.5%.