Deadline for industrial plot owners to start operations extended to Sept 2021

Mohali Punjab Small Industries Export Corporation Ltd (PSIEC) has extended the date up to September 2021 for defaulter industrial plot holders in focal points across the state to start operations. The earlier deadline was March 31, 2020. There are around 4,500 defaulters in 46 focal points of the state.

However, the extension will not be applicable to the cancelled plots already re-allotted to someone else. Besides, the above policy will also not cover those cancelled allotments where allottees have accepted/got en-cashed the refund of the admissible amount sent by the PSIEC.

A PSIEC senior officer said the extension has been allowed on payment of extension fee at 1% of the current reserve price of the plot fixed by the corporation. Defaulter industrial plot holders will need to raise structure at the site by December 31, 2020, and ensure production by September 30, 2021.

The extension has been allowed subject to the condition that the defaulter plot holder(s) concerned will deposit applicable dues towards the price of the plot, including enhanced land cost, along with interest and penal interest and requisite extension fee by August 30, 2020, with the PSIEC. Also, the extension is the last chance and in the event of failure, the process will be initiated to cancel/resume the sites as per terms of the allotment.

Also, the plot holders concerned will be required to furnish an undertaking by August 30, 2020, for adherence to the said schedule. Transfer or permission to sell the plot where extended time for commencement of production has already expired will be allowed on payment of transfer fee, which will be 10% of the current reserve price of the plot.

Mohali Industries Association vice-president Vivek Kapoor said this will give some respite to the industrialists to complete their pending projects.