Builders

State Government Announces Relief Measure for Default Builders in Punjab

News

In a recent development, the Punjab government has announced many relief policies for the default developers who have till now have not been able to clear their past dues. The government has announced an installment policy that will help them in recovering remaining dues from such developers.

According to government officials, at present, the outstanding bills on the builders are Rs 658 crore. This installment scheme will help developers to pay off their dues as well as provide them a relief too.

The officials further informed, “The data shows that most of the developers of mega real estate projects across the states are under heavy dues. These dues are pending since 2014 and because of this; the civic authority is not passing their layout plans, land use permissions, zoning plans, and other important documents.”

With this relief measures, the default builders can now pay the dues in easy installments.  They can submit a post-dated cheque to the authorities after taking required permission form them.

“The postdated cheques will be of 20 percent of the defaulted amount dated two months after the end of this month. The 80 percent of the outstanding amount will be recovered in six quarterly installments over 18 months with an interest rate of 10 percent and a penal rate of three percent.” Official added.

Welcoming the move, the default builders said that this announcement has provided us a big relief. Through this, we can now fast track our work on various projects which have currently got delayed.