The recent Cabinet decision on allowing one-time exemption on stamp duty for land transfer in Aurangabad and Nagpur would attract more investors to the tourism industry, said Jagdish Patil, managing director of the Maharashtra Tourism Development Corporation (MTDC).

The decision now needs to be converted into an ordinance and later into a bill to be passed by the state as per a report in TOI.

Patil said that the 2006 Tourism Policy has been amended. "The revenue department came out with orders and amendments required to implement it around two years back. However, it was limited and hence it was decided to extend the transfer by way of sale," he added.

Earlier, if the MTDC leased out land then the exemption was not extended for stamp duty to the individual for which the expenses ran into crores depending on the location, area, market value and other technical aspects of the land. But now the Cabinet had agreed to allow first time exemption of stamp duty. However, the stamp duty would be charged if the land already used for tourism purposes is resold for the same purpose.

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