The Uttar Pradesh government has extended the facility of gift deeds to industrial and commercial properties, after providing it for residential and agricultural land.
Under the new provision, industrial and commercial properties can now be registered in the names of relatives by paying a nominal stamp duty of Rs 5,000.
This proposal was approved by the state cabinet at a meeting chaired by Chief Minister Yogi Adityanath on Tuesday.
Besides, the cabinet approved a proposal to provide special incentives to companies investing Rs 3,000 crore or more in the state’s semiconductor industry. The decision aims to promote high-tech manufacturing and create large-scale employment opportunities.
Briefing the media after the cabinet meeting chaired by Chief Minister Yogi Adityanath, Finance Minister Suresh Kumar Khanna said that a total of 14 proposals were presented, of which one was deferred while 13 were approved.
He said that under the state’s semiconductor policy, which came into effect in January 2024, incentives will be provided on a case-by-case basis to companies making large investments. These incentives include interest subsidies, reimbursement of employee costs, GST exemption for up to 10 years, and a power tariff subsidy of up to Rs 2 per unit for 10 years.
Khanna further stated that 100 percent reimbursement of EPF (Employees’ Provident Fund) contributions for professional employees in Uttar Pradesh will be provided, with a maximum limit of Rs 2,000 per month. Concessions on water charges will also be offered.
“The objective is to attract global giants in the semiconductor sector to invest in Uttar Pradesh and establish the state as a preferred investment destination,” the Finance Minister said. He added that the industry is currently dominated by countries like the US, Europe, Japan, and Taiwan.
Industrial Development Minister Nand Gopal Gupta informed that the cabinet also approved the Standard Operating Procedure (SOP) for Global Capability Centers (GCCs). He said that the interest of multinational companies in the state is continuously increasing.
He added that so far, 21 companies have started investing in the current financial year, which is expected to create large-scale direct and indirect employment opportunities. Stamp and Registration Minister Ravindra Jaiswal announced that the cabinet has extended a 2022 decision that capped the stamp duty on the transfer of family property at ₹5,000.
He explained that this benefit was previously limited to residential and agricultural properties, but will now also apply to commercial properties transferred within the family through gift deeds in both rural and urban areas.
Finance Minister Suresh Kumar Khanna stated that the cabinet has also approved the establishment of a 500-bed multi-super specialty hospital in Varanasi, replacing the existing Shiv Prakash Gupta Divisional District Hospital.
He added that the project will be completed within four years at a total cost of ₹315 crore. Of this, 60 percent of the cost will be borne by the central government, while the remaining amount will be contributed by the state government.
The cabinet meeting also approved the proposal for land allocation for the construction of a bus station in Pilibhit. A decision was also taken regarding the levy of user charges on stamps up to Rs 500.