UPSIDA’s Residential Plot Policy for Tronica City Allottees
The Uttar Pradesh State Industrial Development Authority (UPSIDA) recently introduced new policies targeting residential land allottees in Tronica City, a planned area within Ghaziabad, adjacent to Delhi. In a significant shift, the board has approved measures to annul plot allotments if lease deeds are not executed within two years, impacting over 5,000 allottees in the area. Additionally, allottees who fail to begin construction within two years will incur penalty charges, beginning at 1% of the plot’s cost in the first year and increasing each year up to 5%.
Tronica City, also known as Trans-Delhi Signature City, covers 1,700 acres and includes over 5,200 residential plots, initially priced at Rs 24,000 per square meter. According to UPSIDA project officer Sharmila Patel, approximately 5,013 plots have been allotted under this residential plot policy, with about 187 plots still available for purchase.
To promote prompt compliance, the residential plot policy includes incentives, such as waiving interest on documentation if lease deeds are executed within the first 90 days of allotment. If a lease deed is executed between 91 to 180 days, additional interest charges will apply. Extensions beyond this period will require a payment of 1% of the total plot cost, doubling each year if further extensions are needed.
In cases where lease deeds remain unexecuted for two years without an approved extension, the residential plot policy allows for automatic cancellation of the allotment. UPSIDA aims to streamline development in Tronica City with this updated residential plot policy, ensuring timely construction and documentation compliance from allottees.
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