The cabinet has allowed the proposal on the condition that the land will be used exclusively for renewable energy development

Mumbai: A 25% concession in transfer fee will be provided on land purchased for renewable energy projects in the state. The stamp duty too will be waived off.The incentive is being provided as the govt has set an objective of sourcing 50% of the total electricity demand in the state from renewable energy sources by 2029-30. It plans to scale up production of renewable energy to 65% by 2035-36 under its comprehensive Maharashtra Renewable Energy and Energy Storage Policy.To accelerate renewable energy projects in the state, the state cabinet on Tuesday approved the proposal offering 25% concession. It will be included in the Maharashtra Renewable Energy and Energy Storage Policy 2025-2035-36 as per the provisions of the Maharashtra Tenancy and Agricultural Lands Act.The transfer of land purchased for renewable energy projects within a group company or subsidiary company required the payment of 25% of the market value of the land as per the Ready Reckoner Rate to the district collector. The government received representation from companies pointing out it put a financial burden on the projects and was delaying setting up of projects.The cabinet has allowed the proposal on the condition that the land will be used exclusively for renewable energy development. “If a company obtains a fee concession in the name of internal transfer and later uses or sells the land for any other purpose, the transfer fee will be recovered with interest,” said an official.