The UPSIDA board has approved measures to annul residential land allotments in Tronica City if lease deeds are not executed within two years. Additionally, it plans to impose extension fees on allottees who fail to start construction within two years. The extension fees will increase annually and, after five years, will be based on 4% of the prevailing land rate. The Trans-Delhi Signature City, which spans 1,700 acres, has over 5,000 allottees, with some still pending execution of their lease deeds. Failure to meet deadlines will result in automatic cancellation of the allotment.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) board has recently approved a proposal to cancel residential land allotments if the lease deeds are not executed within two years. In its latest meeting, the board also gave its approval for a proposal to impose additional charges on allottees who fail to begin construction on their plots even after two years.
Once the proposal is implemented, several of the more than 5,000 allottees in Tronica City may lose their plots or face substantial extension fees. These fees will be levied at a rate of 1% of a plot's cost for the first year, with an additional 1% for each subsequent year until the fifth year. After that, a fee of 4% of the prevailing land rate in the respective sector will be charged per year.
The Trans-Delhi Signature City, located in the Tronica area bordering Delhi, spans 1,700 acres. The housing society, which was conceived in 2000, contains approximately 5,200 residential plots, each allotted at a rate of Rs 24,000 per square metre. Over the years, the Authority has allocated 5,013 plots, with 187 still unsold.
According to UPSIDA project officer Sharmila Patel, many of the 5,013 allottees have yet to have their lease deeds executed, and construction has not yet begun on several plots. Patel explained that UPSIDA would allow allottees additional time to execute lease deeds if they fail to do so within the first 90 days of allotment. If the lease deeds are executed within the first 90 days, the plot buyer will be exempt from paying interest for the documentation process.
She further mentioned that if the lease deed is executed between the 91st and 180th day, the allottee would need to pay interest. Allottees would also need to apply for the necessary paperwork and pay an extension fee, which would amount to 1% of the plot's total cost for the first year. If an extension is needed for the second year, the fee will increase to 2% of the land's rate. Patel also clarified that if allottees fail to apply for an extension to execute the lease deed within two years, the allotment will be automatically canceled.
The new measures introduced by UPSIDA aim to ensure timely execution of lease deeds and construction activities in Tronica City. By imposing extension fees and offering grace periods for allotment holders, the authority hopes to encourage adherence to deadlines. However, these provisions may cause financial strain on non-compliant allottees. Ultimately, the policy intends to streamline the land allocation process while ensuring efficient development in the region.
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