Now, defaulted fee moved in a very easy mode
Punjab Governor, in lieu of Real sector slow down have decided to again reboost this sector by announcing some fruitful benefits to the builders. In this way, the Punjab Government with the order passed by Punjab Governor, has smoothen the default payment issue for the builders. As per the notice passed on 11 July, 2019, the builders are going to get relaxed in this economic part of their sector.
As the Notification says, Due to economic turmoil worldwide, reduced demand and liquidity crunch, Real Estate Sector in Punjab has suffered a lot. In order to revive the Real Estate Sector, a number of moratorium policies have been issued by the Government during last few years. To further boost the growth in this sector, the Governor of Punjab is pleased to notify for the promoters of project licensed under PAP Act- 995 as under:
“Promoters shall pay 20% of defaulted amount upfront either by way of Demand Draft or adjustment of land compensation for land falling under sector roads as per Policy dated 06.02.2015. Further, they will provide post dated Cheques to the tune of 80% of the defaulted amount payable in six quarterly installments (by charging interest @13.0/ p.a (compounded)) starting from two months after release of Lay- out/Zoning Plan along with Post Dated Cheques for all installments falling due in the period during which the overdue installment are payable.
Here’s the copy of the Notice