The decision was taken during a meeting chaired by Chief Minister Yogi Adityanath. (File)
The Uttar Pradesh Cabinet on Friday decided to waive stamp duty and registration fees for leasing of land by the government agency Noida International Airport Limited (NIAL) for the first phase of an upcoming airport.
The decision was taken during a meeting chaired by Chief Minister Yogi Adityanath in Lucknow, according to an official statement.
It stated that 1,334 hectare land has been acquired for the first phase of the Noida International Airport in Jewar, Gautam Buddh Nagar in the name of Civil Aviation Department, UP government.
This land has to be leased out to NIAL, an agency floated by the UP government for the airport project, it added.
"For development of the Noida International Airport, the Cabinet has approved a proposal to waive the stamp duty and registration fees on the 1,334 hectare land acquired in the name of the Civil Aviation Department," according to the statement.
Noida Airport's nodal officer Shailendra Bhatia told PTI that when leasing a land, the lessee is required to pay 1 per cent of the total circle rate of the land in registration fees and 7 per cent in stamp duty.
"It was important to lease the land for NIAL in order to go ahead with development work on the project. NIAL has selected a concessionaire for a 40-year-period for carrying out the work, which could proceed only if NIAL has the land on lease," he said.
NIAL, which has the UP government also as one of its four members, had selected Zurich International Airport AG as the concessionaire for development of the project.
The Swiss-headquartered firm has floated a special purpose vehicle Yamuna International Airport Private Limited (YIAPL) in India for the job, according to officials.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)