The Maharashtra Government has introduced the Maharashtra Tourism Policy 2024 to boost the tourism sector by offering a range of fiscal incentives. This comprehensive policy is designed to attract investment, promote sustainable tourism, and enhance infrastructure development in the state. One of the significant components of this policy includes the exemption of registration fees and stamp duty for tourism-related projects and units, which was implemented through a notification by the Revenue and Forests Department on 15 October 2024.
Key Features of the Maharashtra Tourism Policy 2024
The Maharashtra Tourism Policy 2024 aims to provide a variety of incentives to eligible tourism projects and units. These incentives include a complete exemption from registration fees for instruments executed by tourism projects. This move is expected to reduce the financial burden on investors and make it easier for developers to set up new tourism-related ventures in the state.
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No Registration Fee for Tourism Projects
Under the policy, no registration fee will be charged for instruments related to tourism projects or units. However, this exemption is subject to certain conditions, such as:
- The project must have an “Eligibility Certificate” issued by the designated Implementing Agency or another competent authority authorized by the Tourism and Cultural Affairs Department.
- If a project has already received benefits under previous policies or notifications, it will not be eligible for the remission of registration fees for the same transaction.
- Registration fees paid prior to the notification’s publication will not be refunded.
- If a project fails to meet the objectives of the policy or breaches any conditions, the full registration fee along with penalties will be required.
Additionally, this exemption does not apply to the transfer of lease of projects or units, including any sub-leases or co-developers.
Stamp Duty Remission for Eligible Projects
In a related move, the Revenue and Forest Department issued an order under the Maharashtra Stamp Act that provides for the remission or reduction of stamp duty for tourism projects. This remission applies to various instruments, including:
- Conveyance deeds
- Lease of land
- Transfer of lease by assignment
- Term loan agreements related to title deeds
- Mortgage deeds and further charges on mortgaged property
These stamp duty reductions are specifically targeted at new tourism units, which include MSME, large, mega, and ultra-mega projects. The reductions are based on the category of the project and the zone in which it is located, as specified in the Tourism Policy 2024.
The remission will be applicable for a period of ten years, starting from 18 July 2024 and ending on 17 July 2034. This initiative is expected to spur the development of tourism infrastructure in key areas of Maharashtra and attract large-scale investment in tourism projects.
100% State-Funded Program
The Tourism Policy 2024 is a 100% state-funded program, with funds to be sanctioned by the Directorate of Tourism. The funds will be allocated in accordance with the Financial Rules and directions issued by the Government of Maharashtra.
This policy will remain in effect for a period of ten years from its publication date, unless amended or extended by the government. The provisions of previous tourism policies will continue to apply on a case-by-case basis, especially for projects that have not yet received provisional or final registration certificates under the old policy.
Boosting Tourism in Maharashtra
The Maharashtra Tourism Policy 2024 is a comprehensive and forward-looking initiative aimed at boosting tourism in the state. By offering registration fee exemptions and stamp duty reductions, the government is reducing the financial burden on investors and developers. This policy is expected to drive investment in sustainable tourism, enhance the state’s tourism infrastructure, and create new employment opportunities. With a focus on mega and ultra-mega projects, the policy is poised to position Maharashtra as a major tourist destination in India.
