CHB cuts interest rate, allottees to pay less fine

  • HT Correspondent, Hindustan Times, Chandigarh
  • Updated: Aug 04, 2015 10:29 IST

Chandigarh Housing Board (CHB) on Monday proposed to slash the interest rate of the allottees who were asked to pay in lakhs for defaulting amount ranging between `1 and Rs 880. This implies that the allottee, who was told to deposit Rs 7.5 lakh for defaulting Rs 1, will have to pay Rs 51,000.

HT had highlighted on Monday how the CHB under General Self-Financing Housing Scheme-2008, Sector 63, had made itself a money minting machine to the extent that it asked one of its allottees to deposit Rs 7.5 lakh for defaulting `1.

The CHB has now asked the allottees to pay the outstanding amount by August 15, failing which the board will begin numbering the allotments on provisional basis to be cancelled or revoked.

Paramjeet Singh, who was allotted a two-bedroom first-floor flat under the aforesaid scheme in Sector 63, had paid an instalment of Rs 8.17 lakh on June 11, 2011, which was Rs 1 less than the CHB’s demand. Now, the CHB that had asked him to deposit a whopping Rs 7.5 lakh for the lapse, has slashed the amount to Rs 51,000. Another allottee, Hardev Kaur, who had bought a one-bedroom flat on third floor, had defaulted Rs 3, will now have to pay Rs 55,000 instead of Rs 4.76 lakh. There are eight similar cases. Speaking with HT, CHB chairman Maninder Singh said,

“It is not Rs 1 on which the interest of Rs 7.5 lakh was calculated. The allottee had defaulted in payment of installments on many occasions. The interest is on that amount. Our aim is not to charge hefty interest, but it is being done in accordance with the CHB clause mentioned in the brochure. We have devised a formula where the interest has been slashed,” he added.

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