UP Stamp Duty Exemption (IT Parks)

Under the IT and ITeS Policy of Uttar Pradesh 2022, the Stamp Duty Exemption (IT Parks) scheme extends a full waiver of stamp duty to developers who buy or take on lease land for IT parks. The exemption applies at 100 per cent.

The purpose of the scheme is to draw investment into the IT and Information Technology Enabled Services sector and to build up the state's IT infrastructure. Land acquisition forms a sizeable part of a project's upfront capital expenditure; waiving stamp duty on it lowers that burden.

With this relief in place, the state government expects more large-scale IT park projects to become financially workable, which in turn supports employment generation and economic growth across Uttar Pradesh.

- Developers of IT parks who intend to apply must consult the complete "IT and ITeS Policy of Uttar Pradesh 2022" document, which sets out the procedures in detail. - As a rule, the process requires a formal request to be filed with the nominated state authority, accompanied by papers concerning the proposed IT park project, the agreements for purchase or lease of land, and evidence of conformity with the policy's guidelines. - The department concerned then examines the request, checking eligibility and whether the policy provisions have been complied with. - Once this verification is satisfactorily completed, the 100% stamp duty exemption is allowed on the land transactions that have been approved.

Applications from developers are examined by the relevant government departments, which check that both the proposed IT park project and the developer satisfy every condition laid down in the IT and ITeS Policy of Uttar Pradesh 2022. Project plans, financial viability and adherence to statutory requirements are generally verified in the course of this scrutiny. The exercise exists to direct the incentive only to genuine developers who are committed to building up the state's IT infrastructure.