Well, the F-16V could build off of Lockheed Martin's previous experience with putting AESA radars on Emirati F-16s.Mk2 designation is probably misleading as it will be a MWF design unlike Mk1 which is LCA. The Teja brand itself is likely bad optics because of the long development timeline.
The piece I cannot get my hands around is the development time gap between Mk1 and Mk1A which the latter is not expected to have its first flight until 2022. The main upgrade to my knowledge is the AESA radar and the LRUs reconfiguration to bring down the weight. If this is a realistic timeline for an AESA upgrade then I would question the timeline on the JH-17 Block 3 which is essentially also an AESA upgrade. The PAF to my knowledge has not made a final decision on the radar but yet it is rumored to fly by end of 2019.
In comparison, it took 18 months to upgrade the ROCAF's first F-16 to the V standard and considering the APG-83 is a matured product on an existing airframe. There are things just not adding up.
I suspect that that a lot of the development time gap between the Mk1 and Mk1A has to do with money. India has a lot of money for defense, but a lot of that money goes towards (justifiably) personnel costs.