UP is giving huge discounts on stamp duty and registration charges in Noida and Ghaziabad, but...
Uttar Pradesh government has recently rolled out a strategic move to attract Fortune 500 companies to invest in Noida and Ghaziabad. The government has issued a notification, effective immediately, granting a substantial 50 per cent exemption on stamp duty and a full 100 per cent waiver on registration fees for these prominent multinational corporations, a TOI report stated.
Typically, stamp duty accounts for 5 per cent of the property cost, while the registration fee is fixed at 1 per cent.
These exemptions align with the state's 2023 policy aimed at fostering foreign direct investment (FDI) and enticing Fortune 500 companies to contribute to the economic development of the two National Capital Region (NCR) cities.
In the broader perspective, the state views Fortune 500 companies not only as major job providers but also as essential components in the value and supply chains crucial for building a robust industrial ecosystem.
Anil Kumar, Deputy Commissioner (Industries), told TOI, “We are yet to receive applications under the new policy of a 50 per cent rebate in stamp duty, but Microsoft, a Fortune 500 company, is already in the process of developing its office in Noida.”
Vipin Malhan, President of the Noida Entrepreneurs Association, echoed the sentiment, highlighting Noida's strategic advantages such as proximity to the national capital, availability of skilled employees, and effective law enforcement. He affirmed that the stamp duty and registration fee exemptions would further enhance investment and stimulate industrial growth in the region.
The notification, issued by Leena Johri, Principal Secretary (Stamp and Registration), on December 22, 2023, also extends a significant 75 per cent reduction in stamp duty
