Haryana cabinet meet: Rs 132cr stamp duty waived for Hisar industrial corridor project

Chandigarh: Haryana cabinet on Monday approved waiver of nearly Rs 132.4 crore in stamp duty and registration charges for transfer of 2,988 acres at Hisar airport for development of an integrated manufacturing cluster (IMC) under the Amritsar-Kolkata Industrial Corridor (AKIC) project.The decision was taken during a cabinet meeting chaired by chief minister Nayab Singh Saini.According to the decision, the land, owned by the Haryana civil aviation department, will be transferred to the National Industrial Corridor Development Corporation Ltd (NICDC), the special purpose vehicle executing the project.The exemption includes around Rs 131.9 crore towards stamp duty under Article 23(a) of Schedule 1-A of the Indian Stamp Act, 1899, and Rs 50,000 towards registration fee under the Registration Act, 1908.The proposed IMC at Hisar airport is being projected as a major industrial and logistics hub aimed at accelerating planned industrialisation in the region. Officials said the project is expected to attract domestic and foreign investment, generate large-scale employment opportunities and strengthen Haryana's economic growth.The govt also expects the project to improve connectivity, logistics infrastructure and ease of doing business in the state.Officials said imposing stamp duty and registration charges on transfer of land between a state govt department and a govt-backed entity executing a public infrastructure project would have placed an unnecessary financial burden on the corridor initiative without generating any substantial revenue gain for the state.The cabinet noted that the state govt is empowered under Section 9 of the Indian Stamp Act, 1899, to remit or reduce stamp duty charges for such projects.