CHANDIGARH: To revive the real estate sector, Punjab govt has determined to extend in duration for which prolong in deposit of pastime during the moratorium duration can also be condoned from 90 days to 3 years.
The selections were taken at a gathering of Punjab Urban Planning & Development Authority, Department of Housing and Urban Development, chaired via Chief Minister Captain Amarinder Singh.
According to an reputable spokesperson, as in keeping with the prevailing policy, the a success bidder of belongings offered through public sale was once mandated to deposit pastime each and every six months during the moratorium duration, and prolong in deposit was once allowed most effective as much as 90 days from due date. The new policy will provide for condonation of prolong as much as 3 years, topic to charging penal pastime @ 18% in keeping with annum.
The assembly, whilst approving decrease in switch rate charged via PUDA and other building Authorities from 2.5% to two% till March 31, 2018, additionally determined to get rid of the device of escalation of reserve worth for 10 residential schemes. These 10 OUGVL schemes were introduced at previous reserve worth, with out the 10% build up mandated for release of a brand new scheme for an ongoing mission, in view of the vulnerable market sentiment. The assembly gave ex post facto approval to those 10 schemes, thereby offering some reduction to the beleaguered fact section in the state.
In every other vital initiative, the assembly authorized amendment to Punjab Urban Planning and Development Authority (Employees Service) Regulations 1999 of Junior Engineer(construction), thus deleting the foot note in Schedule III which prohibited direct recruitment of JE (Buildings). This will pave the way in which for recent recruitment on this cadre.
It was once additionally determined at the assembly to extend the reserve costs of some institutional websites to spice up the budget of the Development Authorities whilst keeping in thoughts the prevailing market situation, the spokesperson additional published
Further, promoters of actual estate projects were facing numerous issues in the absence of any policy relating to Mortgage/Hypothecation of belongings towards EDC, License Fee & other dues). It has now been determined that promoters of actual estate projects shall hypothecate belongings @75% of collector charges for the entire amount due.
Whenever part of the dues are deposited via the promoter, then, after recent valuation as in keeping with present charges, the hypothecated belongings will be approved to be launched. However, as a distinct measure during the FY2017-18, previous valuation will be used for the aim of liberate of belongings, it was once determined.
The selections were taken at a gathering of Punjab Urban Planning & Development Authority, Department of Housing and Urban Development, chaired via Chief Minister Captain Amarinder Singh.
According to an reputable spokesperson, as in keeping with the prevailing policy, the a success bidder of belongings offered through public sale was once mandated to deposit pastime each and every six months during the moratorium duration, and prolong in deposit was once allowed most effective as much as 90 days from due date. The new policy will provide for condonation of prolong as much as 3 years, topic to charging penal pastime @ 18% in keeping with annum.
The assembly, whilst approving decrease in switch rate charged via PUDA and other building Authorities from 2.5% to two% till March 31, 2018, additionally determined to get rid of the device of escalation of reserve worth for 10 residential schemes. These 10 OUGVL schemes were introduced at previous reserve worth, with out the 10% build up mandated for release of a brand new scheme for an ongoing mission, in view of the vulnerable market sentiment. The assembly gave ex post facto approval to those 10 schemes, thereby offering some reduction to the beleaguered fact section in the state.
In every other vital initiative, the assembly authorized amendment to Punjab Urban Planning and Development Authority (Employees Service) Regulations 1999 of Junior Engineer(construction), thus deleting the foot note in Schedule III which prohibited direct recruitment of JE (Buildings). This will pave the way in which for recent recruitment on this cadre.
It was once additionally determined at the assembly to extend the reserve costs of some institutional websites to spice up the budget of the Development Authorities whilst keeping in thoughts the prevailing market situation, the spokesperson additional published
Further, promoters of actual estate projects were facing numerous issues in the absence of any policy relating to Mortgage/Hypothecation of belongings towards EDC, License Fee & other dues). It has now been determined that promoters of actual estate projects shall hypothecate belongings @75% of collector charges for the entire amount due.
Whenever part of the dues are deposited via the promoter, then, after recent valuation as in keeping with present charges, the hypothecated belongings will be approved to be launched. However, as a distinct measure during the FY2017-18, previous valuation will be used for the aim of liberate of belongings, it was once determined.
Punjab to give relief to successful bidders of auctioned property
![Punjab to give relief to successful bidders of auctioned property]()
Reviewed by Kailash
on
October 22, 2017
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