With the pending amount of `500 crore, the Greater Mohali Area Development Authority (GMADA) has decided to give an option of paying in installments to real estate dealers.
The first 10% is to be paid by all and after that, the pending amount could be paid in 15 equal installments.
The money owed by these developers is to be used for developmental works. However, looking at the slump in realty market and how the real estate has taken a huge plunge, the government has decided to give this breather to the developers.
The recent audit report by the Indian Audit and Accounts Department for the year 2014-15 revealed that developers owe around `446 crore to GMADA and last year, it was around `280 crore.
Commenting on the issue, GMADA chief administrator AK Sinha said, "The situation is under control and we have taken all the developers on board. Market is badly hit, thus this delay in paying. But, we have now offered them an option of paying in installments and most of the developers have started clearing the dues. We also have bank guarantees from many developers, so GMADA is not at loss and we know that soon this money will be recovered."
Meanwhile, the default in payment is making the development work suffer as the same. The defaulters include 17 mega project promoters and 20 approved colonisers. These charges are the external development charges that are yet to be paid by the developers and are based on the area being taken by them for the project.
GMADA CA AK Sinha added, "We have tabled a list of the defaulters and are in contact with them. Most have agreed to pay the amount in installments and in case still any developer is left, we shall take up the issue with deputy commissioner (DC) office and ask them to stop registration of plots of any of the defaulted developer. Meanwhile notices have been issued to all those who have defaulted."