Amendment status not verified — confirm the current text below against the official source.
The Authority may sell, lease or otherwise transfer whether by auction, allotment or otherwise, any land or building belonging to the Authority in the industrial development area on such terms and conditions as it may, subject to any rules that may be made under this Act, think fit to impose: 1 [ Provided that,- [a] where any land has been allotted on lease before 28.07.2020 for setting up of an industrial unit and/or Information Technology/ Information Technology Enabled Services unit(IT/ITES); and [b] the land has not been utilized (functional/minimum completion) by 28.07.2020 as per the norms laid down by the Authority; and [c] a period of eight years from the date of execution of lease deed of the period fixed for such utilization as per the terms and conditions of allotment, whichever is longer has lapsed by 28.07.2020; and . [d] a notice has been given by the Authority to such allottee atleast three months prior to 31.12.2022 to utilize the said land by 31.12.2022 for the purpose for which it was allotted and apprising him of the consequences as mentioned hereafter of the failure to do so; and [e] the allottee does not utilize the land by 31.12.2022 then the allotment and lease deed will stand automatically cancelled and allotted land will vest with the Authority on 31.12.2022 Provided further that the State Government may, by a general or special order, extend the date of such cancellation and vesting as mentioned in the above proviso, in the interest of promotion of investment and employment generation. Explanation-1:-The aforesaid amendment does not entitle any allottee/unit to claim a minimum completion period of eight years. The period fixed for such utilization shall continue to be governed by the terms and conditions of allotment and the policy of the concerned Authority, including the applicability of extension of time and other interests and charges. Explanntion-2:- The refund of money deposited by the allottee on such cancellation of allotment and lease deed, and vesting of land in Authority shall be as per the policy of the concerned Authority. ]