The Uttar Pradesh State Industrial Development Authority (UPSIDA) has issued a warning regarding delays in finalizing lease deeds for land allotments. If lease deeds are not finalized within the specified timeline, land allotments could be revoked. However, buyers can avoid penalties by submitting the lease deed within 90 days, benefiting from an interest waiver. Extensions will incur a fee of 1% for the first year and 2% for the second year.
Key Highlights:
- UPSIDA mandates timely lease deed finalization for land allotments.
- Failure to meet the deadline could lead to revocation of allotments.
- Buyers can avoid interest penalties by submitting lease deeds within 90 days.
- Late submissions will incur a 1% fee for the first-year extension and 2% for the second year.
