Punjab CM Stimulus For Real Estate Sector

Chief Minister 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. The stimulus package announced by the Chief Minister, applicable to both allottees and developers, is aimed at providing them with immediate relief, while arresting the slowdown in housing sector. The relief measures are applicable to all the urban development authorities of the state, and shall be restricted to amount due from April 1 to September 30. 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/licence renewal fee for the period from April 1 to September 30, 2020. This would involve a financial implication of more than Rs 1 crore on the basis of the past averages. As a result of this relief, all licences under PAPRA and permissions under policy of mega projects would be extended by six months without any charge. In another incentive, the Chief Minister has allowed payment of instalments (including interest) of all auctioned properties due between April 1 and September 30, along with balance instalments, as equated instalments at scheme rate of interest. No interest shall be charged on the instalment due between April 1 and September 30 and thereafter, scheme interest will be charged on the amount due