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

Minister M.B. Patil has cautioned that allotments of industrial plots by the Karnataka Industrial Areas Development Board (KIADB) will be voided if payments are not made promptly. During a meeting on Tuesday, Patil instructed officials to cancel plot assignments to entrepreneurs who fail to meet payment deadlines. According to KIADB guidelines, 30% of the plot cost must be paid within a month of receiving the allotment.

If this payment is not received, an additional month may be granted, provided the entrepreneur pays interest at a rate of 10%. Failure to pay even after the extended period warrants plot cancellation. Patil pointed out that industrial plot demand is high and emphasized the strict adherence to KIADB's rules. He expressed frustration with officials' lax enforcement of these regulations.