No Stamp Duty On Cybercity Units In Haryana

Gurgaon, October 23: | Updated: Oct 24 2002, 05:30am hrs
The Haryana government has equated TV, transistor, music systems, switches, plugs and sockets manufacturing units with cybercities and cyberparks for the purpose of stamp duty exemption for the next six years, both in urban and rural areas.

Talking to FE during his visit here, state chief minister Om Prakash Chautala said earlier this exemption was allowed to DLF Ltd which had bagged the contract to develop states first cybercity project at Gurgaon.

Effective October 2, anybody keen to develop any IT-related industry (as also on land purchased or procured on lease by any IT-related industry, in and outside DLFs cybercity as also in the new categories of industries as mentioned above) would not be required to pay stamp duty.

He clarified in presence of financial commissioner, Town & Country Planning Department (TCPD), Bhaskar Chatterjee and TCPD director, NC Wadhwa, that the stamp duty exemption would also be allowed to those industries that are developed following project approval granted by TCPD.

Mr Wadhwa later said the chief minsiter had okayed the exemption proposal in July. However, the Revenue Department delayed issuing the gazette notification, because the proposal had not been approved by the state cabinet.

Reacting to the announcement, Mr Harbaksh Singh, managing director, Haryana State Industrial Development Corporation, said with this fresh incentive, which was about 15 per cent of the total capital cost of land/lease, the state should be able to attract MNCs.