Tuesday, September 21, 2021

Defaulter allottees of govt housing schemes get 3 months to pay back under Punjab govt ‘s amnesty scheme

In a major reprieve to the defaulting allottees of all urban development authorities, with the cut-off date of December 31, 2013, the Punjab Cabinet on Wednesday gave the nod to the Punjab Urban Development Authorities Amnesty Scheme-2021 for recovery of outstanding installments.

According to a spokesperson of the Chief Minister’s Office, the allottees, who were issued allotment letters based on draw of lots or auction or through some other process but have defaulted in payment of one or more installments due after December 31, 2013, may deposit the principal amount, along with scheme rate of interest, within three months from the date of notification under the amnesty scheme.

The cases where allotments have been cancelled due to default in installments or there is litigation on this count, where instalments were due after December 31, 2013, may also avail this scheme. These cases would be treated as if the cancellation was not done, and the forfeited amount would be treated as credited to the allottees’ accounts on the date of forfeiture. However, the scheme is not applicable where physical possession has been taken over by an authority.

Notably, a sum of Rs. 700 crore is outstanding against various allotees of residential plots, flats, commercial plots, institutional plots, industrial plots and chunk sites sold through draw of lots and auctions. As per prevalent instructions, penalty is imposed if a person defaults in payment of due installment on time, which varies from 3% to 5% per annum, in addition to scheme rate of interest depending on delay in terms of years. This penalty translates into net interest rate of up to 17% per annum, which is very high.

Latest news

Victoria gives $2.7 mn grant for food support to multicultural communities

The Victorian Government is ensuring culturally diverse Victorians doing it tough can still put food on the table by helping more multicultural organisations provide...

Victoria Premier condemns anti-lockdown protests

Victoria Premier Dan Andrews has condemned people for the acts of violence and disruption Melbourne has seen over the last two days. In an official...

Sukhjinder Singh Randhawa becomes Deputy CM of Punjab

Newly inducted Deputy Chief Minister S. Sukhjinder Singh Randhawa assumed charge in Chief Minister’s office (2nd Floor) at Punjab Civil Secretariat in the presence of...

Shreyas Talpade to direct and act in ‘SarCar Ki Seva Mei’

Actor Shreyas Talpade, who rose to fame with Subhash Ghai's Iqbal, is now trying his luck in the field of direction. After directing the...

Related news

Victoria gives $2.7 mn grant for food support to multicultural communities

The Victorian Government is ensuring culturally diverse Victorians doing it tough can still put food on the table by helping more multicultural organisations provide...

Victoria Premier condemns anti-lockdown protests

Victoria Premier Dan Andrews has condemned people for the acts of violence and disruption Melbourne has seen over the last two days. In an official...
MUST READ  DCs authorised to impose harsher curbs in Punjab, if needed

Sukhjinder Singh Randhawa becomes Deputy CM of Punjab

Newly inducted Deputy Chief Minister S. Sukhjinder Singh Randhawa assumed charge in Chief Minister’s office (2nd Floor) at Punjab Civil Secretariat in the presence of...

Shreyas Talpade to direct and act in ‘SarCar Ki Seva Mei’

Actor Shreyas Talpade, who rose to fame with Subhash Ghai's Iqbal, is now trying his luck in the field of direction. After directing the...

Young farmers to be mentored by old hands in Victoria’s new agri program

The Victorian Government is calling on young farmers to take their careers to the next level, with expressions of interest open for the 2022...

‘Friends Bubble’ of three children allowed during school holidays

Children and teenagers aged 18 years and under will be able to create a ‘friends bubble’ to allow home visits provided the adults in...

JobTrainer program: Timber mill workers retrained to work in Wagga Wagga

Around 50 timber mill workers in Wagga Wagga who were set to lose their jobs with the relocation of the Big River timber mill...

NSW records 1,022 new cases, 10 deaths; three LGAs in lockdown

NSW has recorded 1,022 new covid-19 cases and 10 deaths in the 24 hours to 8pm last night. NSW Health Minister Brad Hazzard said the...