Chennai: In a major step to attract more IT companies and make Tamil Nadu a destination for ITES and BPO services, the State Government has formalised a 50 per cent reduction on stamp and registration costs and is looking at the possibility of creating another 500 acres of space adjacent to Siruseri Industrial Park, located near Chennai.

"The Government has formalised a 50 per cent cut on stamp and registration duties. This is a major step in our effort to make the state a destination for IT & BPO services," IT secretary of the State, Vivek Harinarain told a meeting in Chennai today (July 28, 2004).

Harinarain added that the Government has given clearance for five million sq ft of space. Out of this 2.2 million sq ft of have already started construction and another 2.5 million sq ft in private as well as public to come up shortly.

He added that 1.75 million sq ft of space have already been booked by some of the software majors.

While talking about the new ITES policy, which will released shortly, he said that new policy has been drafted with an intention to create more employment and to position Chennai as a hub for ITES and BPO services.

The IT Secretary also said that the Government is currently looking at the possibility of creating another 500 acres of space adjacent to the Siruseri Industrial Park, which has sold off its entire space.