Covid relief for trust properties’ allottees - ECAS Punjab

Covid relief for trust properties’ allottees

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Chandigarh, November 15

In a Covid-19 pandemic-related relief to hundreds of allotttees of residential and commercial properties that come under improvement trusts, the Local Government Department has decided to waive non-construction charges for six months, from April 1 to September 30.

This is in addition to granting of six-month additional permissible period of construction in case of all residential plots and other properties allotted by the trusts through draw of lots or auction.

In an order issued Secretary (Local Government) Ajoy Kumar Sinha, under The Punjab Town Improvement (Utilisation and Allotment of Plots) Rules 1983, instalments on all auctioned properties due between April1, 2020 and September 30, 2020, can be paid along with balance instalments as equated instalments at the scheme rate of interest. No interest shall be charged on the installments due between the above mentioned six month period.

In June, the department announced to waive the entire interest on non-construction dues, provided the principal amount was paid in one go. The one-time measure had been announced to recover lakhs of rupees pending on account of non-construction fee. In many cases, allottees have defaulted in the payment of instalments, enhancement, and any other dues towards the cost of their properties.

Sources said under the amended rules, a three-year moratorium had been allowed as a one-time measure for plot owners who had not yet done any construction. The three-year waiver would be subject to payment of extension fee at a rate of 5 per cent of the sale price per year beyond the period of 15 years from the date of allotment. — TNS



from The Tribune https://ift.tt/3nlQNkC

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