The Uttar Pradesh State Industrial Development Authority (UPSIDA) has announced relief for allottees who commenced their units without completing the registration process on time. The relief includes an option for registration with additional interest and lease premium rates, aiming to ease the financial burden on entrepreneurs and support the state's economic growth. While this measure is seen as beneficial for allottees, critics raise concerns about the potential impact on adhering to deadlines and administrative challenges. Nonetheless, UPSIDA's initiative aligns with the vision of Chief Minister Yogi Adityanath to boost Uttar Pradesh's economy.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) has taken a significant step to benefit the allottees of industrial, institutional, commercial, and group housing projects. CEO Mayur Maheshwari announced that the Authority has provided relief to those allottees who commenced their units without completing the registration process within the stipulated time frame.
In cases where the registry was not completed despite the passing of the deadline, UPSIDA is now offering the option to get registered with an additional 10 percent simple interest per year from the date of allotment up to the date of application. Moreover, a 2% per square meter on lease premium rates will be applied, removing the late fee that was previously imposed under the prevailing current rates. This move aims to ease the burden on entrepreneurs who faced delays in registration and encourage them to fulfil their obligations promptly.
The implementation of this facility is available until December 31 through Nivesh Mitra, the authority's registry online service. By continuously providing online facilities, UPSIDA is aligning itself with the vision of Chief Minister Yogi Adityanath to elevate Uttar Pradesh into a one trillion dollar economy by 2027. As a part of the ongoing effort to make the Authority 100 percent online, this decision reflects the commitment to streamlining processes for the benefit of allotees.
One of the primary advantages of this relief is that allotees will not be subjected to time extension fees. This alleviates the financial burden in two ways: firstly, by avoiding extension fees, and secondly, by not having to pay late fees at the prevailing premium rate. Such a measure is commendable as it empowers entrepreneurs to focus on their business operations and contributes positively to the state's GDP.
However, some critics argue that providing relief for late registration could set a precedent for laxity in adhering to deadlines and encourage non-compliance among allottees. They contend that strict adherence to timelines is crucial for efficient land management and allocation, and any leniency could lead to administrative challenges in the future.
In conclusion, UPSIDA's decision to offer relief to allottees who commenced their units without registration within the stipulated time demonstrates their commitment to supporting entrepreneurs and fostering economic growth. By providing online facilities and easing financial burdens, the Authority is encouraging allottees to fulfil their responsibilities promptly. However, it is crucial for UPSIDA to strike a balance between leniency and maintaining strict timelines to avoid any potential misuse of this relief measure.
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