Chandigarh, Oct. 14 -- The Punjab cabinet on Monday approved a five-year extension for the completion of mega projects that have been hanging fire for the past nine years, since 2016. There are at least 100 such projects in the state that were registered in 2016 and are seeking extension.

The extension has been allowed from a cut-off date of December 31, for five years. With the cabinet approval, the projects can be completed by December 31, 2030. The promoter of the project seeking extension has to deposit a sum of Rs.25,000 per acre per year.

As per the decision, the payment shall be deposited upfront for the extension of the implementation period, and no extension in the implementation period shall be permissible thereafter.

These m...