“In the wake of the global meltdown, the state government has also decided to extend the time limit of completion of IT projects by two years,” principal secretary Information technology Chandra Prakash said on Monday.

Prakash said the allottees will be required to get their development plan approved from the competent authority within 42 months of getting possession of land.

“Similarly, these units will have to obtain completion certificate of land allotment within five years and execute the project within seven years,” said Prakash.

Prakash said Information Technology units, which fail to complete the projects within the stipulated time will be required to repay stamp duty concession along with interest.

“The Uttar Pradesh government has also decided to reduce lease rent of commercial plots and properties being allotted through bid to Information Technology units till March 21 to 1 per cent per annum from 2.5 per cent per annum at present,” Prakash said.

Prakash said any unit that wants to pay the