Section STATEMENT OF OBJECTS AND REASONS of The Uttar Pradesh Industrial Area Development (Amendment) Act, 2016 — STATEMENT OF OBJECTS AND REASONS

The Uttar Pradesh, Area Development Act, 1976 (U.P. Act no 6 of 1976) has been enacted to provide for constitution of an authority for the development of certain areas in the State of Uttar Pradesh in to Industrial and Urban township and second areas in the State into Industrial and Urban township. The Western Freight Corridor is being developed by the Government of India between Greater Noida and Jawaharlal Nehru Port, Mumbai in a length of 1483 km Delhi Mumbai Industrial Corridor is proposed to be developed on both sides of the Dedicated Freight Corridor, where 7 investment regions and 13 industrial areas have to be developed by the State Government. The development of investment region at Uttar Pradesh shall promote industrialization and the investment of Rs. 5,70,000 crores is estimated and approximatcly 14,00,000 people shall get employment for which a Special Investment Region is proposed to be established for development of the said project. Besides, an additional stamp duty of two percent is proposed to be levied on any deed of transfer of immovable property situated in the industrial areas, the amount realised as stamp duty is to be utilised for development of industrial commercial, institutional and urban infrastructure development. It has therefore, been decided to amend the said Act for the purposes aforsaid. The Uttar Pradesh Industrial Area Development (Amendment) Bill, 2016 is introduced accordingly. By order, ABDUL SHAHID, Pramukh Sachiv.