In Brief
A property developer was allotted 40,505 square metres of industrial land by Uttar Pradesh State Industrial Development Corporation (UPSIDC) in 2006 under a 90-year lease and built a mixed-use commercial project called "Grand Venice Mall." Years later, the developer sought to convert the leasehold to freehold under the State's 2013 tourism policy (amended 2016) promoting theme parks and theme-based malls, claiming the project qualified. The State rejected the request. The Supreme Court held the policy inapplicable because: the land predated the policy and was expressly leased for 90 years; the policy requires 20% State PSU participation (absent here); and policies do not apply retrospectively to override existing lease terms. The Court dismissed the petition, holding that freehold conversion cannot be granted contrary to the original allotment terms and lease covenants.
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