Panaji: State govt waived stamp duty of Rs 1.9 crore on a Rs 33 crore land deal in which Meditab Specialities Ltd is returning a special economic zone (SEZ) plot to the Goa Industrial Development Corporation (GIDC).The exemption covers 12.3 lakh sqm (123.2 hectares) of SEZ land at Keri in the Ponda taluka. The order was issued by the under-secretary for revenue, Agnelo D’Souza.The transaction involves a consideration amount of Rs 33 crore, which the GIDC is paying Meditab Specialities to get the land back. Under normal circumstances, the stamp duty on such a high-value transaction amounted to Rs 1.9 crore, which was fully waived by state govt. The deed of surrender is likely to be executed soon, sources said.Stamp duty exemptions on large industrial land transactions are typically granted to facilitate ease of doing business or to curtail expenditure by govt agencies, in this case, GIDC.Meditab Specialities was one of the seven SEZs approved in the state for setting up export-oriented manufacturing.The SEZ policy was eventually scrapped, and the seven companies went to court to challenge the state’s decision. With the approval of the Supreme Court, the GIDC agreed to settle the issue with five SEZ promoters, namely Peninsula Pharma Research Centre, K Raheja Corp, Paradigm Logistics and Distribution, Inox Mercantile and Planetview Mercantile, after the five companies agreed to return the land and claim a refund. Meditab Specialities and Maxgrow Finlease were the two SEZ promoters who refused to return the land to the GIDC through a mutual settlement.
