State waives stamp duty of ₹264 crore on 3 projects

The state cabinet on Tuesday gave its assent to three stamp duty waiver proposals collectively worth Rs 264.25 crore.

- Faisal Malik and Surendra P Gangan

MUMBAI: One of these is the Gautam Adani-led Dharavi Redevelopment Project (DRP) while the other two are the Maharashtra National Law University (MNLU) in Goregaon and the Raigad Pen Growth Centre in Pen. The approvals were given despite the opposition of the finance department to two of the three proposals.

The MNLU waiver will cost the exchequer ₹186.02 crore while the waiver to the Raigad Pen Growth Centre will set it back by ₹33.25 crore. The DRP plot—a 47.5-acre piece of land at Matunga belonging to the Railways—which is to be leased for 99 years, is valued at ₹1,000 crore, and would have got the government ₹45 crore in stamp duty. HT had reported about this stamp duty waiver on June 10.