Business

Give Land For Bullet Train Project, Receive Stamp Duty In Addition To Compensation Amount

JAVED SAIFI | 0
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| September 2 , 2018 , 17:33 IST

In a bid to encourage people to give away their land for the much awaited Bullet Train project in the country, the National High-Speed Rail Corporation Limited (NHSRCL) has decided to offer free stamp duty on buying any other property for ceded land as media reported on Sunday.

The amount to be given for the stamp duty will be over and above of the compensation amount to be given on offering the land for the bullet train project.

The decision to compensate the land givers with an additional amount was taken at the meeting of NHSRCL which is struggling to get the land for 508.17km for a corridor between Ahmedabad and Mumbai.

Also Read: Godrej Group Moves High Court Against Land Acquisition For Bullet Train Project

Stamp duty is a government tax which levied on all legal transactions and charged from 5 to 7 percent of the total market value of the property.

The NHSRCL has not set an upper limit for the stamp duty but is willing to pay any amount as long as the property to be bought within three years of handing over of the land for the bullet train project.

For land acquisition in Maharashtra, the NHSRCL is paying four times the circle rate of the land with a 25 percent bonus and a one-time payment of Rs. 5 lakh whereas, in Gujarat, it paying over four times the prevailing price under state laws.

For the bullet train project, around1,434 hectares land is needed with 53 hectares in Maharashtra and the rest in Gujarat.

The Bullet train project will commence from January 2019 and the deadline to acquire the land before the commencement of the project is the end of 2018. It is planned that the project will complete by 2022 on the occasion of the 75th year of India’s Independence.