Noida: Samsung gets Rs 4 crore stamp duty waiver on Sector 81 land

NOIDA: Electronics giant Samsung has been given a Rs 4.3 crore waiver on stamp duty for a piece of land in Sector 81 where it is setting up a display unit.

Officials said the company had been offered the exemption in keeping with provisions of the state government’s electronics manufacturing policy, 2017.

“The company did not have to pay stamp duty on the land premium. We coordinated with the stamps and registration department and apprised them about the government policy to ensure the benefits were passed on to the South Korean conglomerate,” said Avinash Tripathi, officer on special duty of the industries department at Noida Authority. Earlier in the day, the land lease deed with the company was executed.

The UP government had on December 11 last year approved a request from Samsung and exempted it from paying stamp duty on the transfer of land. However, the company has had to pay Rs 4.3 crore as stamp duty over the constructed portion.

Spread over an area of 35 acres, Samsung has set up its display manufacturing unit in Sector 81. The company had sought incentives from the government before starting operations. The UP cabinet had cleared the company’s application for the waivers during a meeting that took place last year in December. Officials said the benefits related to the government’s electronics manufacturing policy were now being passed on to the company accordingly in stages.