Haryana Cabinet waives Rs 132 crore stamp duty for Hisar Industrial cluster project under Amritsar-Kolkata corridor
Babushahi Bureau
Chandigarh, May 18: The Haryana Cabinet on Sunday approved a major financial relief for the proposed Integrated Manufacturing Cluster (IMC) at Hisar Airport by waiving stamp duty and registration charges worth nearly Rs 132.41 crore for land transfer related to the project.
The decision was taken during a Cabinet meeting chaired by Haryana Chief Minister Nayab Singh Saini.
Under the approval, the state government will exempt stamp duty and registration fees on the transfer of 2,988 acres of land by the Haryana Civil Aviation Department to National Industrial Corridor Development Corporation Limited (NICDC).
The land is being transferred for the development of the Integrated Manufacturing Cluster at Hisar Airport under the ambitious Amritsar-Kolkata Industrial Corridor (AKIC) project.
According to officials, the total financial implication of the exemption is estimated at around Rs 132.41 crore, including nearly Rs 131.91 crore in stamp duty and Rs 50,000 towards registration charges.
The proposed manufacturing cluster is expected to emerge as a major industrial and logistics hub in Haryana, aimed at boosting planned industrialisation, attracting domestic and foreign investment and generating large-scale employment opportunities in the region.
The project is also expected to strengthen transport connectivity, improve logistics infrastructure and enhance ease of doing business in the state.
Officials said the exemption was granted because the land transfer is taking place between a government department and a government-backed special purpose vehicle created specifically for implementing the industrial corridor project. Imposing stamp duty in such a case would have created an additional financial burden without offering any significant practical revenue benefit to the state.
The Haryana government said the waiver would help ensure smooth and cost-effective execution of the project and support timely implementation of the industrial corridor initiative.
The Cabinet approval has been granted under provisions of Section 9 of the Indian Stamp Act, 1899, which empowers state governments to reduce or remit stamp duties either fully or partially.