The Maharashtra cabinet, led by Chief Minister Devendra Fadnavis, has given the green light to exempt stamp duty on the purchase and sale of enemy properties during initial registration. The Custodian of Enemy Property of India (CEPI) oversees the management and sale of such properties under the Home Department of the Central Government. The Custodian of Enemy Property Act, 1968, permits the sale of these properties.
There are a total of 428 enemy properties in Maharashtra, distributed across various regions like Mumbai, Nagpur, Pune, and others. These properties belong to individuals who left India during wartime and relocated to enemy nations. CEPI conducts auctions for the sale of these properties, but the response has been limited. To encourage purchases, the cabinet approved the waiver of stamp duty at the time of the first property registration after obtaining the sale certificate through CEPI.
In addition to this decision, the state cabinet has also sanctioned an extension of the lease period for government lands from 30 to 49 years. Government lands leased for commercial purposes will now have the option of extending the lease up to 49 years, subject to compliance with terms and conditions. The move aims to boost revenue generation for various administrative departments and entities.
Moreover, the cabinet has granted permission for the adoption of the Trade Receivables Discounting System (TReDS) to expedite pending payments for micro, small, and medium enterprises as well as contractors in the Public Works Department. This initiative, a collaboration between the Government of India and the Reserve Bank of India, seeks to enhance financial inclusion and provide timely finance to support small businesses. The system is expected to streamline payment processes and offer working capital support to contractors, fostering growth and competitiveness in the sector.
