UP Cabinet Approves 30% Land Subsidy for Multi-Modal Logistics Parks

19 Dec 2024 CW Team

The state cabinet approved the Multi-Modal Logistics Park Policy-2024, which will provide companies investing in this sector with upfront land subsidies and various other concessions from the government.

According to officials, a company establishing a multi-modal logistics park will be eligible for a 30 per cent upfront land subsidy on plots leased by industrial development authorities or any state government agency.

They further explained that if an investor fails to begin operations within the eligible investment period, the government agency will recover the subsidy along with 12 per cent interest. Additionally, such applicants will be exempt from all internal development charges.

It was also mentioned that these companies would receive a 100 per cent exemption on stamp duty. However, projects benefiting from this policy will not be eligible for incentives under any other state government policy or scheme.

Before granting any exemptions under the policy, opinions must be obtained from the finance, law, institutional finance, housing and urban planning, revenue, stamp and registration, state tax, planning, energy, and home departments.

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