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Sez axe: UP to return ADAG Rs 1.2K cr

The UP government has also asked the Noida district magistrate to withdraw a demand for Rs 1,000 crore stamp duty as the government could not provide the promised 2,500 acres.

Written by Deepa Jainani | Lucknow | Published: July 27, 2012 1:05 am

A Mayawati government decision not to refund bank guarantee and stamp duty paid by project developers in Uttar Pradesh even if the government failed to acquire the land promised for them has been tweaked by new chief minister Akhilesh Yadav.

Accordingly,the state government has decided to return the Rs 1,220 crore bank guarantee paid by the Anil Dhirubhai Ambani Group in 2006 for a special economic zone at Noida,which was later scrapped by the Mayawati government. The UP government has also asked the Noida district magistrate to withdraw a demand for Rs 1,000 crore stamp duty as the government could not provide the promised 2,500 acres.

State infrastructure and industrial development commissioner Anil Kumar Gupta said that that the Cabinet’s decision to refund stamp duty charges was applicable to all such cases where land could not be transferred to developers and where they were ready to forgo all claims on the land.

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