Maharashtra's 100% Stamp Duty Waiver: Translating The Logistics Policy 2024 Into Action

Executive Summary

In a landmark policy initiative aimed at strengthening Maharashtra's logistics and industrial real estate ecosystem, the State Government has announced a 100% waiver of stamp duty for 11 designated mega and ultra mega logistics park projects. The waiver has been formalized through a notification issued by the Revenue and Forests Department on October 17, 2025 (hereinafter referred to as the order), marking one of the most significant fiscal incentives ever granted under the Maharashtra Stamp Act, 1958.

This strategic move is in direct alignment with the Maharashtra State Logistics Policy, 2024 (hereinafter referred to as the "Policy"), which envisions transforming the State into the logistics capital of India through large-scale infrastructure investments, seamless multimodal connectivity, and policy-driven operational efficiency. The policy identifies logistics parks as critical enablers in enhancing supply chain competitiveness and reducing logistics costs.

The stamp duty waiver is expected to significantly lower project entry costs and improve internal rate of return (IRR) for investors and developers, thereby accelerating the financial closure and development timelines of these strategically located parks. The designated projects, spread across key industrial and transport corridors such as Navi Mumbai, Pune, Nagpur, Aurangabad, Nashik, and the Mumbai Metropolitan Region (MMR) are anticipated to collectively attract major investments.

From a policy standpoint, this measure underscores Maharashtra's commitment to creating an investment-enabling ecosystem, characterized by reduced regulatory friction, strong fiscal incentives, and robust public–private partnerships.

Existing Frameworks As Per The Logistics Policy 2024

The Maharashtra State Logistics Policy-2024, notified in August 2024, was conceived with these ambitious objectives:

• Mission: The Maharashtra Logistics Policy 2024 shall play a key role in achieving state's goal of becoming US$ 1trillion by 2028. The policy aims to reduce logistics costs through a comprehensive master plan with a developmental outlook for the next decade. The policy has been prepared with the objective of promoting the logistics sector in alignment with the National Logistics Policy.
• Vision: To establish Maharashtra as a world-class logistics hub and a leading centre for trade and transportation by focusing on creating an efficient integrated logistics infrastructure, and improve the competitiveness of the local logistics industry by reducing the time for transportation. The aim is to also significantly bring down expenditure for logistics activities in order to attract foreign investment and promote sustainability through innovation and use of new age technologies.
• Targets: The Maharashtra Logistics Policy 2024 has set the following targets for the policy period: -
• To develop more than 10,000 acres of dedicated logistics infrastructure across the state by 2029.
• To develop 01 International Logistics Mega Hub, 01 National logistics Mega Hub, 05 State Logistics Hubs, 05 Regional Logistics Hubs and 25 District Logistics Nodes.
• To ensure the cost of logistics to be reduced further by minimum 5% as compared to existing 14-15%.
• To reduce carbon footprints by promoting green initiatives in logistics sector.

• Validity: Maharashtra Logistics Policy 2024 will remain in effect for five years from the date of notification and will remain in effect until the next policy is announced.

Earlier Stamp Duty Exemptions As Per The Logistics Policy 2024

• Units inside the approved parks: As per the 2024 Policy, there was a 75% stamp duty exemption for units located inside approved parks on purchase or long-term lease agreement having a minimum period of 15 years.
• Units outside the approved parks: There was a 50% stamp duty exemption for units outside the park on purchase or long-term lease agreement having a minimum period of 15 years.

Stamp Duty Remission Order: Bridging Policy and Practice

The stamp duty remission order dated October 17, 2025, is a notification under Section 9(a) of the Maharashtra Stamp Act, 1958, which grants the government power to remit stamp duty in public interest. This order specifically:

• Identifies 11 beneficiary projects: The order lists specific logistics parks operated by M/s. XSIO Logistics Parks Pvt Ltd, M/s. Horizon Industrial Parks Pvt Ltd, and several other warehousing companies across locations such as Nagpur, Pune, Thane, and Mumbai regions among others.
• Grants 100% remission: The order provides complete waiver of stamp duty across seven critical instrument types:

• Term Loan Agreements relating to Deposit of Title Deed (Article-6)
• Certificate of Sale (Article-16)
• Conveyance (Article-25)
• Further charge on Mortgaged Property (Article-33)
• Lease (Article-36)
• Mortgage Deed (Article-40)
• Transfer of Lease by Assignment (Article-60)

Explanation

This order shall not apply to any instrument or document pertaining to acquired land by way of lease or conveyance or assignment of the lease rights or sale certificates executed between the eligible unit and the subsequent unit under the said eligible unit.

Further, the Explanation clause clarifies that transactions between eligible units within the logistics park are not eligible for stamp duty remission. Only the first lease between the logistics park developer and incoming lessee units qualifies. This prevents cascading benefits and potential misuse.

Key Differentiators From Existing Policy Provisions And The Order

• Named beneficiaries vs. open framework: The policy envisaged benefits for all eligible units meeting prescribed criteria, however, the order names specific projects, suggesting a phased or selective implementation approach.
• Development period focus: The order emphasizes benefits during the "development period" (Condition 3 of the "order"), suggesting a time-bound benefit rather than perpetual exemption, a nuance not explicitly elaborated in the policy framework.
• No retrospective benefits: Condition 6 of the order explicitly states that there will be no refunds for stamp duty already paid before the order's publication, establishing a clear implementation timeline.
• Certification requirement: The order mandates certification from implementing agencies (like MIDC or Industries Department), creating an administrative layer for verification that was not stipulated in the policy document.
• Penalty provision: Additionally, according to Condition 7 of the order, any eligible unit listed in the schedule of the order that is a party to the instrument in accordance with condition 6, which has been granted a remission of stamp duty, will be required to pay the full stamp duty amount, along with any penalties imposed, if it fails to fulfil the purpose or objectives outlined, or if the eligible unit breaches any of the specified conditions in the order.

Policy Implementation

The government will likely:

• Issue subsequent orders identifying additional beneficiary projects.
• Publish detailed operational guidelines for certification and monitoring.
• Clarify procedures for availing other fiscal incentives beyond stamp duty.

Impact on Maharashtra's Logistics Ecosystem

This order marks the beginning of a transformative decade for Maharashtra's logistics sector. If implemented effectively, it is expected to:

• Accelerate the development of modern, technology-enabled logistics infrastructure
• Improve supply chain efficiency across Maharashtra's manufacturing base
• Enhance business competitiveness and attract investment
• Generate significant employment in logistics and allied services

Our Analysis

The October 2025 stamp duty remission order is not merely an administrative formality, it represents a critical bridge between policy vision and ground reality. By providing concrete, legally enforceable benefits to identified projects, the government has transitioned from announcements to action.

The order demonstrates Maharashtra's commitment to its logistics transformation agenda and its willingness to deploy significant fiscal resources to achieve it. For the 11 identified logistics parks, this translates to cost savings of potentially hundreds of crores and accelerated development timelines. For the broader ecosystem, it signals that Maharashtra is open for business in logistics infrastructure.

However, the true test lies ahead: ensuring transparent processes for including additional projects, maintaining safeguards against misuse, and coordinating this fiscal incentive with the myriad other policy provisions, from FSI relaxations to capital subsidies to technology support, that together form the comprehensive Maharashtra Logistics Policy 2024.

Further, it will also be crucial to witness how the remission order interacts with other statutory provisions under the Maharashtra Stamp Act, 1958, and related circulars governing remission, valuation, and concessional instruments. The creation of a standardized compliance and monitoring framework, possibly under the aegis of the Maharashtra Industrial Development Corporation (MIDC), could help institutionalize this benefit prevent administrative ambiguities during project registration.

In conclusion, while the October 2025 order represents a bold and progressive fiscal intervention, its long-term success will depend on procedural integrity, transparency, and alignment with broader policy frameworks.

For developers and investors, the order provides not only a strong fiscal stimulus but also regulatory clarity and predictability, which are essential components in long-term infrastructure development and investment. Moreover, the waiver aligns with the broader objectives of the "Make in Maharashtra" initiative, promoting regional industrialization, export competitiveness, and supply chain resilience.

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