Cabinet decision on lease deeds to help Smart City Phase II.

The State Cabinet recently decided to extend the stamp duty and registration fee exemption given to IT units and IT developers in Special Economic Zones in the State to co-developers who would have to register sub-leases in second phase of a particular project.

The operative part of the Cabinet decision is that it would facilitate the development of the second phase of Kochi Smart City by making co-developers, who have been identified as an important link in the second stage of the project, eligible for exemptions.

The State government will issue fresh orders on the extension of exemption in stamp duty and registration fees to co-developers while entering into sub-leases with property owners.

The State government had also granted this exemption to units in SEZ related to sale deeds and lease deeds way back in 2004.

The Chief Executive Officer of Smart City sought a clarification from the State government on the status of the co-developer, who would be an important link in the second phase development.

He had informed the State government that the Trikkakara sub-registrar was refusing to approve sub-leases of co-developers since this segment had not been included in the contentious exemption order.

THE HINDU