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Time of India
2 days ago
- Business
- Time of India
A 50% stamp duty concession for land transactions under MMRDA's Pen township project
MUMBAI : The Maharashtra Cabinet on Tuesday approved a 50 per cent concession in stamp duty for land transactions linked to the state's first large-scale urban project being executed under a public-private partnership (PPP) model. The project will be implemented by the Mumbai Metropolitan Region Development Authority ( MMRDA ) and Raigad Pen Growth Centre Ltd in Pen taluka . This move will promote investment and generate employment opportunities, the Chief Minister's Office (CMO) stated. Chief Minister Devendra Fadnavis chaired the meeting of the council of ministers, it said. The stamp duty payment concession applies to land agreements required for the integrated township project being developed under the New Town Development Authority (NTDA) in Pen taluka. According to the statement, the project spans approximately 1,217.71 acres and is being executed through a Special Purpose Vehicle (SPV) as per MMRDA's integrated township policy. Once operational, the growth centre is expected to house fintech firms, educational and healthcare institutions, entertainment hubs, affordable housing, commercial zones, retail markets, and construction-related industries. Described as Maharashtra's first large-scale, world-class urban project under the public-private partnership (PPP) model, it is also anticipated to attract substantial foreign investment. In the long term, the state government expects to receive increased revenues through stamp duty and taxes from commercial activity generated by the development, the CMO said. The cabinet also approved a stamp duty waiver for the transfer of land to the Maharashtra National Law University (MNLU) in Mumbai. A total of 1,41,640.40 square meters of land at Pahadi in Goregaon (west) has been earmarked for the permanent campus of MNLU, currently operated from rented premises in Powai. This decision will facilitate the development of a permanent and integrated campus, enhancing the educational infrastructure in Mumbai.
Time of India
2 days ago
- Business
- Time of India
Maharashtra government approves stamp duty concessions for Dharavi redevelopment project
MUMBAI : The Maharashtra cabinet on Tuesday gave its nod to stamp duty concessions for lease agreements between the Special Purpose Vehicle (SPV) created for the Dharavi Redevelopment Project and other agencies. The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis. An SPV has been established for the integrated redevelopment of Dharavi, one of the biggest slum sprawls in Asia which is located in central Mumbai. The redevelopment project is a joint venture between the state government and the Adani group . The redevelopment- rehabilitation scheme has been declared an 'essential urban and special project' and a policy to offer stamp duty concessions or exemptions for such projects has already been finalised, a statement from the Chief Minister's office said. In line with the policy, a proposal was submitted to provide stamp duty concession for sub-lease agreements between the Railway Land Development Authority (RLDA), New Delhi and the Dharavi Redevelopment Project or the Slum Rehabilitation Authority (SRA), Mumbai. The cabinet approved the inclusion of these documents under the stamp duty concession policy with the objective of accelerating the project, the statement said. Among other decisions, the cabinet extended the deadline for availing loans from financial institutions -- Asian Development Bank (ADB) and New Development Bank (NDB) -- for Mumbai Metro Lines 2A (Dahisar East to D.N. Nagar), 2B (D.N. Nagar to Mandale), and Line 7 (Andheri East to Dahisar East). A total loan amount of USD 1,075.74 million has been approved by ADB and NDB for these metro projects. Out of this, USD 549.25 million, equivalent to Rs 4,304.43 crore, has already been utilized. The Central Government had initially set a deadline of June 30, 2025, for raising the loan. Metro Lines 2A and 7 have already become operational, while work on Metro Line 2B is progressing. A total of 96 metro trains were to be procured through the ADB loan, 60 of which have already been received. With the loan deadline extended to December 31, 2026, the remaining 36 metro trains will also be procured under this arrangement. Approval was also granted for the first phase (96.41 km) of the Virar-Alibag Multimodal Corridor to be developed under the 'Build, Operate and Transfer' model. The total length of the corridor is 126 km, and it passes through Vasai, Bhiwandi, Kalyan, Ambernath, Panvel, Uran, Pen and Alibag. The project will improve connectivity between major highways including Mumbai-Pune Expressway, JNPT, Mumbai Trans Harbour link and upcoming Navi Mumbai International Airport. A provision of Rs 37,013 crore, including Rs 22,250 crore for land acquisition and Rs 14,763 crore towards interest, has been made.
Indian Express
3 days ago
- Business
- Indian Express
Maharashtra Cabinet approves stamp duty concessions for Dharavi Redevelopment project
The Maharashtra Cabinet on Monday approved stamp duty concessions for lease and sublease agreements signed by the Dharavi Redevelopment project's Special Purpose Vehicle (SPV) for the Dharavi Redevelopment Project (DRP) and related agencies. The DRP is being executed by Navbharat Mega Developers Pvt Ltd (NMDPL) — a joint venture between Adani Properties Pvt Ltd (80%) and the state-run Slum Rehabilitation Authority (SRA) (20%). NMDPL is the lead implementation agency for the integrated redevelopment of Dharavi, one of Asia's largest informal settlements. The government had previously declared the Dharavi redevelopment as both an Essential Urban Infrastructure Project and a Special Project. As per existing state policy, such projects are eligible for waiver or reduction in stamp duty to ensure smoother and more cost-effective execution, the state government said in a statement. In line with this policy, a proposal was placed before the Cabinet to grant stamp duty concessions on sub-lease agreements between the Rail Land Development Authority (RLDA) — which owns a key portion of land in Dharavi — and either the Dharavi SPV (NMDPL) or the SRA. It was also proposed that these categories of lease documents be formally included under the state's stamp duty concession policy. The Cabinet has now approved this inclusion. The RLDA is contributing approximately 45 acres of land to the redevelopment. As per the tender conditions, the SPV is required to pay at least ₹2,800 crore to the RLDA for this land. A senior government official said the stamp duty relief will lower transaction costs, streamline legal processes, and accelerate the start of construction work. 'This is a crucial step that removes a major hurdle and brings the project closer to execution,' the official said. In another decision pertaining to stamp duty waiver, the Cabinet also approved a 50% concession in stamp duty for the proposed joint venture between MMRDA and Raigad Pen Growth Centre Ltd. The concession applies to the land required for the integrated township project in Pen taluka, Raigad district. The project, spread across 1,217.71 acres, will be developed under the Integrated Township Policy and managed by a Special Purpose Vehicle (SPV). Designed as a global-standard, public-private partnership model, the township is expected to include fintech hubs, educational and healthcare institutions, affordable housing, commercial spaces, and entertainment zones. Officials expect the initiative to create significant employment opportunities and attract substantial foreign investment. In a separate decision, the Cabinet also approved a complete waiver of stamp duty on land being transferred to Maharashtra National Law University (MNLU), Mumbai. The university has been allotted 141,640.40 square meters in Pahadi, Goregaon (West), for the development of its permanent campus
Hindustan Times
3 days ago
- Business
- Hindustan Times
Dharavi Redevelopment: Maharashtra govt approves stamp duty concessions for Special Purpose Vehicle
The Maharashtra cabinet has approved a proposal to offer stamp duty concessions on lease agreements between the Special Purpose Vehicle (SPV) formed for the Dharavi Redevelopment Project and various related government bodies. The move aims to expedite the implementation of this large-scale rehabilitation and redevelopment initiative in one of Asia's largest slum clusters, the Chief Minister's Office (CMO) said in a statement on June 17. The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis. An SPV has been set up for the integrated redevelopment of Dharavi, a sprawling slum settlement in central Mumbai. The project is a joint venture between the Maharashtra government and the Adani Group. The Dharavi project has already been designated a vital urban infrastructure and special project, qualifying it for such concessions, the statement said. "The concession applies to sub-lease agreements involving the Railway Land Development Authority (RLDA), Delhi, the Dharavi Redevelopment Project SPV, and the Slum Rehabilitation Authority (SRA), Mumbai. These agreements have now been officially included under the state's stamp duty relief policy to facilitate smoother execution," the CMO said in the statement. Also Read: Mumbai's Dharavi redevelopment project: Adani Group to develop 43% of land for free sale in the open market The redevelopment is being carried out by a special purpose vehicle (SPV) set up through a joint venture between the Maharashtra government's Slum Rehabilitation Authority (SRA) and the Adani Group's Dharavi Redevelopment Project Private Limited (DRPPL), now known as Navbharat Mega Developers Private Limited (NMDPL). In this SPV, Adani Properties Private Limited (APPL) holds an 80 per cent stake, while the SRA holds the remaining 20 per cent. The Adani Group won the bid for Dharavi redevelopment in November 2022. Also Read: Dharavi redevelopment: 6 relocation sites identified for project's ineligible residents The statement by the CMO said that, in a parallel decision, the Maharashtra cabinet approved a 50% stamp duty concession on land agreements related to the Raigad Pen Growth Centre project, a joint initiative between the Mumbai Metropolitan Region Development Authority (MMRDA) and Raigad Pen Growth Centre Ltd. The growth centre is located in Pen taluka near Mumbai and falls within the New Town Development Authority limits of the MMRDA. The project for which a stamp duty concession is being granted involves registering 1,217.71 acres of land in the name of a special purpose vehicle. Also Read: Maharashtra Housing Policy 2025 offers major benefits for senior living buyers; Stamp duty reduced to flat ₹1,000 The statement said that once completed, the growth centre will feature fintech parks, education and healthcare hubs, entertainment zones, affordable housing, retail spaces, and commercial clusters. According to the statement, the project in Pen is based on global urban planning standards and executed under a public-private partnership (PPP) model. It is expected to attract significant foreign investment and generate large-scale employment opportunities. The state expects long-term gains through higher stamp duty and tax revenues, which prompted the decision to offer a 50% concession on stamp duty.
Time of India
3 days ago
- Business
- Time of India
Maharashtra government approves stamp duty concessions for Dharavi redevelopment project
The Maharashtra cabinet on Tuesday gave its nod to stamp duty concessions for lease agreements between the Special Purpose Vehicle (SPV) created for the Dharavi Redevelopment Project and other agencies. The decision was taken at a meeting chaired by Chief Minister Devendra Fadnavis. An SPV has been established for the integrated redevelopment of Dharavi, one of the biggest slum sprawls in Asia which is located in central Mumbai. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Hidden Camera Reveals Hotel Bedding Dirty Secret Blissy Learn More Undo The redevelopment project is a joint venture between the state government and the Adani group. The redevelopment- rehabilitation scheme has been declared an 'essential urban and special project' and a policy to offer stamp duty concessions or exemptions for such projects has already been finalised, a statement from the Chief Minister's office said. Live Events In line with the policy, a proposal was submitted to provide stamp duty concession for sub-lease agreements between the Railway Land Development Authority (RLDA), New Delhi and the Dharavi Redevelopment Project or the Slum Rehabilitation Authority (SRA), Mumbai. The cabinet approved the inclusion of these documents under the stamp duty concession policy with the objective of accelerating the project, the statement said. Among other decisions, the cabinet extended the deadline for availing loans from financial institutions -- Asian Development Bank (ADB) and New Development Bank (NDB) -- for Mumbai Metro Lines 2A (Dahisar East to D.N. Nagar), 2B (D.N. Nagar to Mandale), and Line 7 (Andheri East to Dahisar East). A total loan amount of USD 1,075.74 million has been approved by ADB and NDB for these metro projects. Out of this, USD 549.25 million, equivalent to Rs 4,304.43 crore, has already been utilized. The Central Government had initially set a deadline of June 30, 2025, for raising the loan. Metro Lines 2A and 7 have already become operational, while work on Metro Line 2B is progressing. A total of 96 metro trains were to be procured through the ADB loan, 60 of which have already been received. With the loan deadline extended to December 31, 2026, the remaining 36 metro trains will also be procured under this arrangement. Approval was also granted for the first phase (96.41 km) of the Virar-Alibag Multimodal Corridor to be developed under the 'Build, Operate and Transfer' model. The total length of the corridor is 126 km, and it passes through Vasai, Bhiwandi, Kalyan, Ambernath, Panvel, Uran, Pen and Alibag. The project will improve connectivity between major highways including Mumbai-Pune Expressway, JNPT, Mumbai Trans Harbour link and upcoming Navi Mumbai International Airport. A provision of Rs 37,013 crore, including Rs 22,250 crore for land acquisition and Rs 14,763 crore towards interest, has been made.
