Gujarat SEZs to be charged transfer fee

September 10, 2008	(Be the first to rate this story!)  Loading ...
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The Gujarat government has decided to charge a transfer fee of 10 per cent of stamp duty from entrepreneurs buying real estate property in any of the special economic zones (SEZs) notified for development. A government resolution (GR) on this, issued by the state revenue department, stated that 10 per cent of the stamp duty would be applicable if the transfer of property takes place in five years of an SEZ being notified by the Central government. “As for the transfer of property later, which is five years after an SEZ starts operating , the charge would be double - 20 per cent,” a senior official said. .” Officials estimate, as of now nearly 20,000 hectares of land across Gujarat has been acquired for developing the SEZs. “Of this, nearly 45 per cent of the land belonged to the government, while the rest was the private land,” they said.

So far, 24 SEZs in Gujarat have been notified out of a total 55 proposals for Gujarat. Of these, three are functional. As for the rest, SEZ developers are putting up infrastructure facilities. A senior official in the state industries department said, “The transfer fee is unlikely to have any impact on the industrial activity in the state SEZs. It will be applicable only on government land. The government would need the revenue to develop the land which is given on lease to SEZ developers.

News Published Under:   Special Economic Zones |

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