CHANDIGARH, FEBRUARY 15:
Giving big relief to the industrialists, Punjab Govt. has decided to allow extension in time period to the defaulter allottees of industrial plots developed by PSIEC in different focal points in the state for the commencement of construction and production after the expiry of original stipulated and last extended period. Disclosing this Mr. Sunder Sham Arora, Industry & Commerce Minister said that all defaulter industrial plot holders of different focal points developed by PSIEC in state have been allowed an extension in time period for commencement of production up to the period 30 September, 2020. This extension in time period shall be allowed on payment of extension fee chargeable per year @ 1% of the current reserve price of the plot fixed by the corporation in the concerned focal point operative at the time of making payment. Defaulter allottees shall have to submit their building plan for approval up to 30.06.2019, commence construction at site up to 30.09.2019 and ensure to bring their unit into production up to 30.09.2020.
Mr. Sunder Sham Arora, said that considering the difficulties faced by the allottees of plots and demand of various industrial Associations, Board of Directors (BoDs) of the corporation/government had been earlier allowing additional time period to the defaulter plot holders for commencement of construction/production from time to time. But they had failed to take effective steps. In the event of default, the allottees of plot are liable for cancellation of allotment, resumption of plot in accordance with the respective terms of allotment.
Mr. Arora said that many industrial associations and allottees have been raising demand on different forums to allow further extension in time period enabling to put up their projects as in the recent past years industry in general had passed through unprecedented slow down and recessionary trend. These associations have advocated that demonetization in 2016, implementation of GST regime in 2017, inflation and increase in foreign currency rates have affected implementation of the new projects apart bankers are not easily financing new projects keeping in view NPAs. They have accordingly requested Government for granting extension in time period.
Mr. Arora said that above extension will be subject to the condition that the concerned defaulter plot holder(s) shall have to deposit applicable dues towards price of plot including enhanced land cost along with interest & penal interest and requisite extension fee on or before 30.06.2019. This extension would be allowed as a last chance and in the event of failure of defaulter plot holders, the corporation would proceed ahead for cancellation/resumption of their sites as per terms of allotment. Concerned plot holders shall be asked to furnish an undertaking on prescribed Performa on or before 30.06.2019 for adherence to the milestones brought out above. Transfer of defaulter plot holders of different focal points in those cases where permissible/extended time period for commencement of production already stand expired shall be allowed on payment of transfer fee chargeable equivalent to 10% of the current reserve price fixed by PSIEC operative at the time of seeking transfer as applicable to the concerned focal point.