5-Star Hotel Land In Yamuan Expressway
A long-standing stamp duty dispute surrounding luxury hotel projects in Noida, Greater Noida and Yamuna Expressway is nearing resolution, paving the way for increased corporate and hospitality development across the regions.
Numerous five-star hotels had previously received approval from the Uttar Pradesh government but were unable to break ground due to ambiguities around applicable stamp duty rates. As Rama Raman, Chairman and CEO of the Noida, Greater Noida and Yamuna Expressway authorities explains, “The approved hotels were caught in a technical issue regarding stamp duty, but this matter is expected to be resolved very soon.”
The crux of the dispute involves the land rates used to calculate stamp duty for the projects. The authorities had provided land to the hotels at commercial rates of Rs 70,000 per sqm. However, the hotels wanted the Rs 7,000 stamp duty to be incorporated into the base commercial rate. This impasse resulted in expiration of the hotels’ lease dates.
Nonetheless, Raman indicates the conflict is nearing conclusion, which will put the delayed luxury hotel plans back on track. With this roadblock removed, Noida, Greater Noida, and Yamuna Expressway are primed to see an influx of major hospitality and corporate activity in the near future. The timely settlement will catalyze development and attract business investment to the region.
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