Official guidance, Tamil Nadu land law
O.O. No. 12/2024, Extension of time for payment of plot cost
State Industries Promotion Corporation of Tamil Nadu Limited issued Office Order No. 12/2024 on 10 June 2024, adding discretionary payment extensions to its prevailing 30 day period for land allotted in SIPCOT Industrial Parks. The Managing Director may grant a first additional 30 days without interest and a second additional 30 days with interest, based on the merits of the case.
What the office order does
State Industries Promotion Corporation of Tamil Nadu Limited issued Office Order No. 12/2024 on 10 June 2024. It authorises the Managing Director of the State Industries Promotion Corporation of Tamil Nadu Limited to give additional time for payment of plot cost for land allotted in SIPCOT Industrial Parks. The extensions are discretionary and depend on the merits of each case.
The office order responds to difficulties faced by allottees in obtaining funds from banks or financial institutions within the payment period. Under the prevailing policy referred to in the document, plot cost had to be paid within 30 days, as stipulated in the allotment order.
Who may be affected
Office Order No. 12/2024 may affect an allottee who has received land in a SIPCOT Industrial Park and cannot arrange payment of the plot cost within the original 30 day period.
The document is relevant in particular where an allottee faces difficulty mobilising funds from a bank or financial institution. It does not state that every allottee automatically receives extra time. Approval is to be considered according to the circumstances and merits of the individual case.
Key payment extensions
Office Order No. 12/2024 provides the following framework:
- The original payment period remains 30 days under the allotment order.
- The Managing Director may grant a first additional period of 30 days after the original period.
- No interest is charged for that first additional 30 day period.
- The Managing Director may grant a second additional period of 30 days beyond 60 days.
- Interest applies during the second additional period.
- Each extension is subject to consideration of the merits of the case.
Points the document does not specify
Office Order No. 12/2024 does not state the interest rate for the second extension. It also does not describe an application form, supporting documents, eligibility conditions, or a fixed approval process.
The authority was approved by the Board of the State Industries Promotion Corporation of Tamil Nadu Limited at its meeting held on 16 May 2024. The office order was circulated to general managers, heads of departments, project officers, the Information Technology and Management Information Systems Department, and the Finance Department.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Do I automatically get another 30 days to pay for a SIPCOT plot?
No. The Managing Director may grant the extension based on the merits of the case, so additional time is not automatic.
Is interest charged during the first payment extension?
No. Office Order No. 12/2024 allows the first additional 30 days without interest.
What happens if payment is delayed beyond 60 days?
The Managing Director may grant a second additional 30 days based on the merits of the case. Interest applies during that second extension.
What interest rate applies to the second extension?
Office Order No. 12/2024 states that interest applies, but it does not specify the rate.
