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Punjab gives incentives to boost realty sector amid pandemic
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SME Times News Bureau | 22 May, 2020
Punjab Chief Minister Amarinder Singh on Friday announced a slew of
relief measures for the beleaguered real estate sector amid the
unprecedented Covid-19 situation, including six-month extension in the
permissible period of construction of plots and projects for all
allotees.
The stimulus package announced by the Chief Minister,
applicable to both allotees and developers, is aimed at providing them
immediate relief, while arresting the slowdown in the housing sector.
The
relief measures are applicable to all the Urban Development Authorities
of the state, and will be restricted to amount due from April 1 to
September 30.
Amarinder Singh said notwithstanding the huge
financial implications for his government, it had decided to support the
real estate sector, which had suffered major disruptions due to the
pandemic.
Various representations had been received by the government on this count, he said.
Referring
to the financial implications of the six-month extension in
construction period, the Chief Minister pointed out that since
development authorities annually receive non-construction fee of nearly
Rs 35 crore, this particular relaxation would lead to reduction in
receipt to the tune of Rs 17-18 crore for all the authorities put
together.
In another key relief measure, the Chief Minister
announced that all the urban development authorities have also been
directed not to charge non-construction charges, extension fee and
licence renewal fee for the period from April 1 to September 30.
This would involve a financial implication of more than Rs 1 crore on the basis of the past averages.
In
another incentive, the Chief Minister allowed payment of instalments,
including interest, of all auctioned properties due between April 1 to
September 30, along with balance instalments, as equated instalments at
scheme rate of interest.
No interest will be charged on the
Instalment due between April 1 and September 30 and thereafter, scheme
interest will be charged on the amount due.
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