Allotment of KIADB plots will be cancelled if payments are not made on time, warns M.B. Patil

Minister for Large and Medium Industries M.B. Patil has directed officials to cancel the allotment of industrial plots to entrepreneurs who fail to make payments within the prescribed time for plots allotted by the Karnataka Industrial Areas Development Board (KIADB).

During a review meeting with KIADB officials in Bengaluru on Tuesday, the Minister warned that action would be taken against officials who fail to enforce the rules.

“As per the rules, 30% of the plot cost must be paid within one month of allotment. If the payment is not made within this period, an additional month may be granted on request, subject to payment of interest at 10%. If the amount remains unpaid even after the extended period, the allotment must be cancelled,” he instructed officials.

The Minister noted that demand for industrial plots was high and that KIADB rules on the matter were clear. He expressed displeasure over the lackadaisical approach of officials in enforcing these provisions.