Chandigarh: The Haryana cabinet on Monday approved a waiver of nearly Rs 132.4 crore in stamp duty and registration charges for the transfer of 2,988 acres at Hisar airport. This land will be used for the development of an integrated manufacturing cluster (IMC) under the Amritsar-Kolkata Industrial Corridor (AKIC) project.
Decision Details
The decision was taken during a cabinet meeting chaired by Chief Minister Nayab Singh Saini. According to the official statement, the land, which is owned by the Haryana civil aviation department, will be transferred to the National Industrial Corridor Development Corporation Ltd (NICDC), the special purpose vehicle responsible for executing the project.
The exemption includes approximately 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.
Project Significance
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 stated that the project is expected to attract both domestic and foreign investment, generate large-scale employment opportunities, and strengthen Haryana's economic growth.
The government also expects the project to improve connectivity, logistics infrastructure, and ease of doing business in the state. Officials noted that imposing stamp duty and registration charges on the transfer of land between a state government department and a government-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.
Legal Authority
The cabinet noted that the state government is empowered under Section 9 of the Indian Stamp Act, 1899, to remit or reduce stamp duty charges for such projects. This legal provision allows the government to facilitate critical infrastructure developments by alleviating financial constraints.
The waiver is seen as a strategic move to boost industrial activity in the Hisar region, which is poised to become a key node in the AKIC. The project aligns with the central government's vision of developing industrial corridors across the country to enhance manufacturing and trade.
