The Uttar Pradesh State Industrial Development Authority (UPSIDA) has extended the registration deadline for residential plots from 120 days to 180 days, easing the burden on buyers. This decision allows more time to complete necessary registrations and pay stamp duties. However, UPSIDA retains the right to cancel plot allotments if registration is not completed within this timeframe. Additionally, buyers must begin construction within five years, with penalties for delays. UPSIDA is also developing an operating manual to streamline land acquisition and attract investment, reflecting a commitment to enhancing industrial development and improving the overall process for land buyers in the state.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced an important change regarding the registration of residential plots. In a recent board meeting, the authority extended the registration deadline from 120 days to 180 days. This decision aims to help individuals and families who are purchasing land for residential purposes.
Previously, buyers were required to complete the registration and pay the necessary stamp duty within 120 days. However, many buyers faced challenges in meeting this timeline, leading to delays. The extension to 180 days is intended to ease this pressure, allowing more time for buyers to finalise their purchases. Despite this extension, UPSIDA has emphasised that it retains the right to cancel plot allotments if buyers do not complete the registration within the new timeframe.
The board meeting, chaired by Chief Secretary Manoj Kumar Singh, also addressed other important issues related to land management and industrial development. One notable change involves the construction timeline for homes on these plots. Under the new regulations, buyers must start building their homes within five years. If construction does not begin within this period, a penalty of 1% of the plot's cost will apply, increasing by 1% each year for the next five years. If construction is still not initiated after this time, the allotment can be cancelled. However, UPSIDA has indicated that it will consider individual cases involving disputes or other complications.
In addition to these changes, UPSIDA is working on an operating manual aimed at improving the land acquisition process in the state. This manual is expected to help create a land bank, which will make it easier for buyers and investors to access land. CEO Mayur Maheshwari noted that the goal is to create a streamlined process that benefits all parties involved-buyers, sellers, investors, and the government.
During the meeting, several proposals for land acquisition in districts such as Etah, Kanpur, Barabanki, and Prayagraj were also discussed. These proposals are part of UPSIDA's broader strategy to enhance industrial development across the state. By facilitating easier access to land, the authority hopes to attract more investment and stimulate economic growth in Uttar Pradesh.
The changes made by UPSIDA reflect a growing recognition of the challenges faced by land buyers in the state. The extended registration period and the new construction guidelines are steps toward making the process smoother and more efficient. As the state continues to develop its infrastructure and industrial base, these measures may play a crucial role in supporting both residential and commercial growth in Uttar Pradesh.
Advertisement
Facebook
Whatsapp
