Nagpur: The stamp duty exemption for companies acquiring land in Mihan-SEZ expired a year ago. This was told to Kalpana Saroj Global Aviation (KSGA), an investor in the SEZ, as the company sought the land registered recently, according to media reports. The stamp duty exemption was a major incentive for investors in Mihan, dubbed to be among the biggest multi-product SEZs in the country, the reports added.
According to sources, the lack of stamp duty exemption can be a major setback for attracting investment here. Stamp duty comes as a major amount, especially for big land parcels. KSGA had last year taken up one acre land in Mihan for setting up an aircraft engine maintenance facility. As the company went to get the land registered, it was asked to shell out stamp duty as the exemption was no longer available. This came as a surprise, says the company and it has taken up the matter with Maharashtra Airport Development Company (MADC), sources said.
Today’s Rate
Tuesday 12 Nov. 2024
The media reports further said that the KSGA, in a letter to the MADC, said the fact was not disclosed to it at all. The letter says rather the MADC provided KSGA with the exemption notification overlooking the fact that it had already lapsed. The letter further says at the time of registration, the company’s representatives were told that the exemption has expired.
KSGA has pointed out that when its representative reached the Joint Registrar’s office, it was told that approvals for a period of 180 months had expired in May 2021. The state government exemption on stamp duty also expired at the same time. The exemption was available for a period of 15 years. The company has also pointed out that paying a stamp duty of Rs3 lakh odd is not acceptable to it, especially when it was MADC’s responsibility to ensure that the benefits of SEZ are given. Without the incentive, the very purpose of getting land in Mihan is defeated, says KSGA.
It has been learnt that the matter has also been taken up with the Development Commissioner’s (office, which has sought a clarification from MADC.
