HSIIDC new industrial plot allotment

HSIIDC new industrial plot allotment

Notwithstanding that the plots/sheds unit of measurement appointed by the HSIIDC on free-hold basis, the allotment/ management of the economic estates unit of measurement being regulated by the Corporation with the sole objective of commercial enterprise among the State of Haryana. to satisfy this end, the allotment of business plots/sheds is made to the potential entrepreneurs for fixing their industrial ventures, once following due procedure, involving enticing applications, analysis on the concept of pre-determined criteria, personal interviews simply just in case of prestigious category comes and thereafter alternative of the human. As such, the allottee is required to use the plot/shed by implementing the economic project among a stipulated quantity  to that extent, the expression ‘Free-hold’ is restrained by the attendant conditions.

                                   

Effective date of transfer:

 

The effective date of transfer shall be the date of registration of sale deed with the concerned Sub-Registrar. The transfer is being accomplished by approach of transfer of fifty one or loads of of the share/paid up capital, the effective date of transfer shall be the date of transfer of share/shareholding as per the record of the allottee firm/company.

 

Due diligence and warning to purchasers:

 

Although, the economic plots/sheds appointed by HSIIDC unit of measurement freely transferable once completion of the project by the allottee in terms of clause 5.10/5.11, however, third party international organization agency purchases or acquires interest in any manner, in associate degree extremely plot/shed before completion of the project, whereas not previous written permission of the Corporation, bears the danger of its commencement still that he might plead knowledge regarding the foundations and thus the facts regarding the property at the time he entered into the sale-purchase agreement. Hence, it is the duty of any buyer to carry out due diligence, verify the changeableness of the plot/shed and thus the amount outstanding and owed to the HSIIDC at the time of entering into any agreement. The data throughout this respect could also be gathered from the Estate Offices of the HSIIDC. it's processed that first/each of the subsequent transfer of plot/shed shall want previous written permission of the Corporation.

 

Eligibility Criteria for the first Transfer:

 

i) The initial allottee shall be eligible to transfer the plot subject to the following:

 

1. Has deposited full price of the plot, additionally as increased price, if any and got the conveyance deed of the plot/shed dead in his/her/its favour;

 

1. got to have obtained occupation certificate and completed the project in terms of clause 5.10/5.11;

 

1. There should not be any violations of the building bye-laws and thus the terms and conditions of allotment;

 

1. There should not any default towards payment of various dues of the Corporation like; increased price, maintenance charges, water/sewer charges, EDC, any fee, etc.

 

ii) The transfer of plot/shed ar allowed with none pre-condition simply just in case of inheritance, will or among the members of the family of the allottee (except simply just in case of allotment in favour of NRI / person with disability), succession as a result of death of the allottee/majority shareholders or takeover by Banks/ financial institutions. The transferee allottee below this category shall be required to implement the approved project and may be treated as original allottee.

 

Consequences of unauthorized transfers:

 

A transfer is unauthorized where the transfer of plot/shed is not permissible as per provisions of the EMP-2015. Any transfer, that's otherwise permissible, but accomplished whereas not previous written permission of the Corporation shall in addition represent as unauthorised transfer. The allottee/successor-in-interest, as a result of the case might even be, will have to be compelled to bear the results of such unauthorised transfer, additionally as payment of penalties as made public in EMP furthermore as commencement of the plot/shed.

 

Procedure:

 

i) Associate application for transfer of plot/shed containing relevant knowledge beside payment of applicable transfer fee/processing fee shall be required to be created to HSIIDC as per the prescribed procedure, by the authorised person, as elaborate below:

 

• The allottee himself among the case of Associate in Nursing individual/ sole possession or the lawful successor simply just in case of inheritance/ will/ death of the initial allottee;

 

• one amongst the partners with authorization from completely different partners among the case of a partnership firm;

 

• one amongst the directors, beside certified copy of the resolution gone the bod of the company, among the case of a private restricted Company;

 

• the corporate Secretary/Manager, duly approved through a resolution of the Board of the company, among the case of a Public Ld.

 

ii) The Estate Manager shall verify the completeness of the applying, the aim that the planned transferee would be utilizing the premises and completely different prescribed parameters among a quantity of 07 operational days. simply just in case the application/request is found to be therefore as, the Estate Manager shall issue a conditional Transfer Letter (PTL) containing the terms and conditions for such permission among thirty days. simply just in case the applying is found incomplete or deficient in any respect, the human ar knowing of identical beside the deficiencies among a quantity of fifteen operational days;

 

iii) The terms and conditions of conditional Transfer Letter (PTL) ar complied with by the transferrer /transferee among a quantity of 100 and twenty days from the date of issue of the PTL;

 

iv) Consistent to the completion of formalities contained in PTL, the Estate Manager would, execute agreement with the transferee, issue the letter of re-allotment in favour of the transferee, whereupon the planned transferee shall become associate to allottee/ re-allottee of the Corporation.

A plot/shed appointed by the HSIIDC amounts to transfer among the subsequent circumstances:

 

i) simply just in case of individual allottees, there is a modification of possession, by in spite of suggests that, i.e. through a purchase deed, Associate in Nursing agreement with the intent of transfer on a future date, or by approach of Power of professional (except in favour of family members) ;

 

ii) among the case of Partnership companies and financial obligation Partnerships (LLPs), there is a modification among the partners whereby the majority stake (51% or above) gets transferred in favour of third party through exit of any of the partner(s) at the time of allotment and /or induction of recent partner(s) and thus the share of the initial remaining partner(s) is diluted below 51%;

 

iii) Among the case of private restricted companies, there is a modification among the promoters/directors whereby the majority stake (51% or above) gets transferred in favour of third party through exit of the shareholders at the time of allotment and/or induction of recent shareholders and thus the share of the initial remaining shareholders is diluted below 51%;

 

iv) Among the case of a Listed Company, where the shareholders having largest possession furthermore as control have changed their hands;

 

v) Among the case of a Government Company, the modification in possession through dis-investment of fabric possession of fifty one or loads of or by approach of divestment;

 

vi) Simply just in case of Merger/ Amalgamation/ Take-over of the allottee company, resultant upon the orders of the Competent Court/Central Govt., where the majority stake of the equity shareholders/ control gets transferred in favour of third party.

 

 

Categories exempted from payment of Transfer Fee:

 

No transfer fees are owed among the subsequent cases:

 

i) Transfer of plot once the allottee has run his industrial unit for a quantity of quite five years; it's processed that when the allottee or the re-allottee has run the unit for a quantity of five years or loads of, no transfer fee shall be applicable simply just in case of later transfers.

 

ii) Transfer by approach of inheritance, will or among the members of the family of the allottee;

 

iii) Succession as a result of death of owner/allottee/ majority shareholders;

 

iv) Takeover by bank/financial institutions.

 

v) Second or all later transfers, provided the first/earlier transfer was created once completion of the project on payment of ancient transfer fee, and otherwise eligible for transfer as per clause eight.6.

 

vi) Transfer of plot in favors of another company promoted by identical promoters / shareholders.

 

In the cases coated below more than categories, only the applicable method fee is owed beside the transfer request. However, dues of the Corporation, if any, shall be required to be cleared by the allottee/proposed transferee before any such transfer.

 

Prestigious category industrial plots:

 

In case of prestigious category comes, transfer shall be permissible on payment of ancient transfer fee, only once completion of the project by the allottee.

 

iv) Transfer fee, wherever applicable, would be owed beside interest @ twelve-tone music p.a. from the effective date of transfer. However, in cases where transfer fee is connected to current allotment price, interest @ twelve-tone music p.a. shall be applicable from the date of submission of transfer request. The allottee shall apply for first/subsequent transfer of plot/shed in favour of the planned transferee before effecting the transfer, failing that the transfer fee (which is not connected to current rate of allotment)/processing fee, as a result of the case might even be, would be charged at double the traditional rate, instead of ancient rate. Equally simply just in case where the first transfer was

 

made once yielding with the eligibility criteria as made public below clause eight.5(i) and later transfer(s) of plot/shed is accomplished at the stage of conditional Transfer Letter (without obtaining FTL), identical might even be regular by the Corporation by charging penalty love twenty fifth of ancient transfer fee as per EMP-2015 for each such transfer.

 

v) simply just in case of non compliance of conditions of conditional Transfer Letter (PTL) among a quantity of 100 and twenty days, penalty love twenty fifth of ancient transfer fee as per EMP-2015 shall be charged for regularising the delay on the way facet 100 and twenty days, in compliance of PTL conditions.

 

vi) simply just in case the transfer of plot/shed was accomplished through registered sale deed, there shall be no demand of private look of the mover before the Estate Manager, HSIIDC to substantiate the sale human activity. simply just in case the transfer is accomplished through transfer of majority equity shares in associate degree extremely company, such transfer got to be filed/registered among the MCA records and thus the allottee shall be required to submit a duplicate of the MCA records beside resolution of the Board of Directors/ general body for modification of management/transfer of majority possession, duly certified by the Statutory/ assistant Auditors of the company and in such cases in addition there shall be no demand of private look of outgoing directors/shareholders.

 

Subsequent transfers

In case of later transfer of commercial plot/shed, where the first/earlier transfer was accomplished once the completion of the approved project, there will be no pre-conditions, except that there shall not be any violation with connotation such a lot, division norms furthermore as completely different building bye-laws; extra there shall be no default towards payment of any dues of the Corporation like; increased price, maintenance charges, water/sewer charges, EDC, any fee, etc. However, the transferee shall be required to pay the applicable method fee (provided transfer fee in respect of first/earlier transfer was already paid) associate to enter into associate degree agreement with the HSIIDC to stay to the foundations & laws of the Corporation qua allotment of the plot, as a result of the transferee allottee would be stepping into the shoes of the original allottee. Every later transfer would entail payment of method charges and execution of a Registered Sale Deed/other documents as per provisions of the Property Act/other laws.