Captain announces relief measures for real estate sector
CHANDIGARH: Punjab chief minister Capt Amarinder Singh on Friday announced a slew of relief measures for the real estate sector, including six-month extension in the permissible period for construction of plots and projects for all allottees, whether private or allotted by state.
The measures apply to all urban development authorities in the state, and will be restricted to the amount due from April 1 to September 30, 2020.
The CM in a statement said this particular relaxation would lead to reduction in receipt to the tune of ₹17-18 crore for all authorities. All urban development authorities had been directed not to charge non-construction charges, extension fee, licence renewal fee for the period between April 1 and September 30, he said.
PAYMENT OF INSTALMENTS
The government has also allowed payment of instalments (including interest) of all auctioned properties due between April 1 and September 30, along with the remaining instalments, as equated instalments at the scheme’s rate of interest.
Also, no interest will be charged on the instalments due in this period, and thereafter, the scheme interest will be charged on the amount due.
“This particular relief can also be availed for post-dated cheques of amounts deposited against EDC, licence fee, social infrastructure fund, under amnesty policy of November 28, 2019 payable up to September 15, 2020,” said a spokesperson.
CM also gave concurrence to the proposal mooted by GMADA to allow phasing in payment of external development charge (EDC). However, rate of EDC payable will be applicable at the time of approval of layout plans.
The ministry has also decided that share of ownership can be transferred by urban development authorities in case of auctioned sites on proportionate payment plus 15%, subject to minimum transfer of ownership of 20% at one instance. Permission to sell specific built-up area marked on the layout plan can be given to developers, having obtained the occupation certificate for such units.