Decision to provide significant relief to allottees; interest to be waived off: Dr. Ravjot Singh
Punjab Newsline, Chandigarh, April 13-
Giving a big relief to the Punjabis, Punjab govt has approved a OTR policy regarding non-construction fees and outstanding allotment amounts for allottees of the state's Improvement Trusts. This decision will provide substantial relief to allottees and waive the interest charged.
Divulging further, Punjab Local Government Minister Dr. Ravjot Singh said that keeping the public interest in mind, the Mann government has approved the OTR policy for outstanding amounts from allottees of residential and commercial properties under Improvement Trusts, which will give people an opportunity to deposit their outstanding property payments.
The Cabinet Minister said, as per certain conditions of One-Time Relaxation, which must be followed, allottees who have received allotment letters less than 15 years ago or more than 15 years ago will receive a 50 percent discount on the total non-construction fee (principal amount plus interest). Similarly, for those whose allotment period exceeds 15 years, the non-construction fee will be fixed at 5 percent of the reserve rate.