Uttar Pradesh state cabinet recently approved the Multi-Modal Logistics Park Policy-2024 that will allow companies investing in this sector to receive upfront land subsidies and various other concessions.
An entity setting up a multi-modal logistics park will receive a 30-per cent upfront land subsidy on plots leased by industrial development authorities or any state government agency.
The operations cannot be commenced within the eligible investment period, the government agency will recover the subsidy with 12 per cent interest. Such applicants will be exempt from all internal development charges, according to media reports from the state.
Such companies will also receive cent per cent exemption on stamp duty. Projects benefitting from this policy will not receive incentives under any other state government policy or scheme.
Exemptions, however, will be granted after seeking opinions from the finance, law, institutional finance, housing and urban planning, revenue, stamp and registration, state tax, planning, energy and home departments.