Stamp duty waiver of 45cr for Dharavi project to lease rly land
Mumbai: The state cabinet on Tuesday approved stamp duty waiver of Rs 45 crore on sub-lease agreements between Dharavi Redevelopment Project (DRP) and Railway Land Development Authority (RLDA), as well as of Rs 186 crore on the conveyance agreement signed with the judiciary to set up a permanent campus of Maharashtra National Law University at Goregaon.
RLDA has agreed to lease 47.5 acres of its land at Mahim to DRP for more than 30 years. So far, DRP has obtained possession of 28 acres. The land is to be used for railway staff quarters and offices, as well as for housing slumdwellers and residents of authorised buildings in Dharavi. Over 10,000 housing rehab units are proposed to be built on the plot.
In a press release, govt said there was a proposal to include such sub-leases in the stamp duty concession policy so that the project's implementation could get a boost.
Maharashtra National Law University currently operates out of a rented building at Powai. Govt has provided 35 acres to it in Goregaon for a permanent campus. The stamp duty is 5% of the ready reckoner rate of the plot, which is valued at Rs 3,100 crore, said officials. "The construction of the university's infrastructure in this new space will save on rental costs. Also, the students here will have access to educational facilities in one place," stated the release.
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The cabinet also approved a 50% reduction in stamp duty, amounting to Rs 33 crore, on a special purpose vehicle agreement on 493 hectares required for a joint venture project of MMRDA and Raigad Pen Growth Centre Ltd. This would benefit housing projects on the land, said officials. Through the growth centre, govt aims at development of fintech companies, educational and healthcare facilities, amusement parks, affordable housing, commercial hubs, retail and construction sectors, thereby providing a large number of employment opportunities at the local level.
"Apart from promoting foreign investment, there is a possibility of a large amount of stamp duty and tax revenue being collected in the state treasury from future commercial transactions. Against this backdrop, a proposal to waive 50% stamp duty was approved," said an official.
In the last financial year, govt earned Rs 58,000 crore as revenue from stamp duty, and in the current fiscal, it is estimated to cross Rs 60,000 crore.
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