Punjab News : Govt Plans One-Time Settlement Scheme for IT Firms Facing Land Allotment Issues

The Punjab government is set to introduce a one-time settlement (OTS) scheme for information technology (IT) companies that have defaulted on land allotment terms, including pending instalments, construction delays, or employment commitments.

78 IT Companies in Mohali Face Allotment Cancellation

According to official sources, 78 IT companies in Mohali are currently at risk of losing their land allotments due to non-payment of instalments or failure to comply with construction and employment obligations. Among these, over 30 companies have not yet begun construction on their allotted plots.

The issue is expected to be taken up in the next Cabinet meeting, where the government will discuss offering relief to these companies through an amnesty scheme.

IT Entrepreneurs Raise Concerns Over Government “Non-Cooperation”

Entrepreneurs in Mohali's IT sector have expressed dissatisfaction over what they describe as "non-cooperation" from government agencies.

"Fifty-four companies in Mohali, which have completed the construction work, are not being given completion certificates," claimed an IT entrepreneur, highlighting bureaucratic delays that have stalled business operations.

The Housing Department is eyeing Rs 2,000 crore in revenue by extending this amnesty scheme to defaulting allottees of residential, commercial, and institutional properties in urban estates.

OTS Scheme to Offer Interest Waivers

Under the proposed scheme, allottees who have defaulted on instalment payments will benefit from a waiver on 6 per cent penal interest, provided they clear pending dues with 12 per cent interest as per existing norms.

Jatin Gandhi, Vice-President of the IT Companies Association, welcomed the move, stating:

"This step will help boost the ITES sector. These companies plan to invest around Rs 6,000 crore and create employment opportunities for 50,000 to 75,000 people in the next two years in Mohali."

The Punjab government’s decision to introduce the OTS scheme could provide much-needed relief to IT companies while stimulating investment and job creation in the region.