Waive penal interest: Realtors - Mandi Gobindgarh News

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Wednesday, August 14, 2019

Waive penal interest: Realtors

Waive penal interest: Realtors

Rajmeet Singh
Tribune News Service
Chandigarh, August 13

Some of the big names in the real estate sector are defaulting on payment of over Rs 900 crore by way of external development charges, licence fee and social infrastructure cess to the Punjab Housing Department.

In the residential projects approved in various development authorities in Mohali, Jalandhar, Ludhiana, Amritsar and other cities, the maximum defaulting outstanding amount of over Rs 800 crore pending against mega projects and super mega projects is pending with builders having projects in the area governed by the Greater Mohali Area Development Authority (GMADA).

The builders on the other hand are demanding waiving the penal interest on the defaulting amount, as done in case of regularising the illegal colonies. Today, Punjab Housing Minister Sukhbinder Sarkaria held a meeting with the promoters to listen to their grievances, after the government recently announced a new moratorium policy for the defaulting builders who have been allowed to clear their pending dues in instalments.

The minister’s meeting followed a meeting chaired by the previous Additional Chief Secretary (Housing) Vinni Mahajan with the developers of mega projects. In the meeting, the builders had raised the issue of providing connectivity to their projects and delay on part of the authorities in providing other basic amenities. The authorities have been asked to put up details of the benefits granted under mega projects to the respective promoter.

President of the Punjab Chapter of the Confederation of Real Estate Developers Association of India (CREDAI) Kulwant Singh said in the meeting with the minister, the association demanded waiving the interest amount as done in case of illegal colonies. “We have requested the government to return the land pockets marked for EWS housing in our projects at collector rates,” he said.

19 Mohali builders on defaulters’ list

Sources in the Housing Department said in Mohali alone, at least 19 builders were on the defaulters list. Some of the names included Ansal Infrastructure ( Rs 26 crore), Greater Punjab Officers Cope HB Society ( Rs 135 crore) and Omaxe ( Rs 173 crore)

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