The Reliance Haryana SEZ Limited is expected to get stamp duty refund of close to Rs 24 crore (Rs 240 million) on land it has bought so far for the SEZ in the state.
"We have assessed stamp duty refund of about Rs 24 crore in case of Reliance Haryana SEZ on land it has bought in Gurgaon district only to develop SEZ," sources said in Haryana Industries Department.
Reliance Haryana SEZ, a joint venture between Reliance Ventures Ltd -- an Reliance Industries subsidiary, and Haryana State Industrial and Infrastructure Development Corporation has so far bought 7,001 acres of land in Jhajjar district and about 1,200 acres and 1,383.68 acres of HSIIDC land in Gurgaon.
Haryana government has estimated to refund stamp duty on land purchased by SEZ developers to the tune of Rs 70 crore (Rs 700 million) in 31 notified SEZs in the state.
This move follows the passing of the Special Economic Zone (Amendment) Bill 2010 by Haryana Assembly in March this year that provided for refund of stamp duty on land bought by SEZ developers once the notification is done.
Before this amendment, there was no provision in Haryana SEZ Act 2005 for refund of stamp duty paid by developers on registration of land bought for SEZ whereas Central SEZ Act 2005 provided for such a provision.