Uttar Pradesh State Industrial Development Authority (UPSIDA) board has approved a proposal to annul residential land allotments if lease deeds are not executed within two years.
In its recent meeting, the board also gave a nod to a proposal to impose additional charges if allottees fail to start construction on plots allotted to them even after two years.
Once implemented, several of the over 5,000 allottees in Tronica City may lose their plots or cough up hefty extension fees — to be levied at the rate of 1% of a plot’s cost for the first year and an additional 1% for each year thereon till the fifth year. Thereafter, one will have to pay 4% of the prevailing land rate in the respective sector per year.The Trans-Delhi Signature City in the Tronica area bordering Delhi, conceived in 2000, is spread over 1,700 acres. Around 5,200 residential plots were carved out at the housing society at the rate of Rs 24,000/sqm. Over the years, the Authority allotted 5,013 plots, while 187 plots are yet to be sold.
“Several of the 5,013 allottees are yet to get the lease deeds executed. Construction is yet to start at several others,” UPSIDA project officer Sharmila Patel said.
Patel told TOI that UPSIDA will give allottees additional time to execute lease deeds if they do not do so within the first 90 days of allotment. If lease deeds are executed within the first 90 days of allotment, the plot buyer will get a waiver on the interest levied for the documentation process too.
“An allottee will have to pay interest if the lease deed is executed within the next 90 days, that is between the 91st day to the 180th day,” Patel said. Allottees will have to apply for the paperwork and pay an extension fee too — 1% of the plot’s total cost for the first year, which will go up to 2% of the land’s rate, if an extension for executing the lease deed is sought for the second year.
“If allottees fail to apply for an extension for lease deed execution even after two years, the allotment will stand automatically cancelled,” the official said.
