Over 16 years after it launched a housing scheme, Markfed will begin construction of 52 flats under its Category-3 at Sector 79 in January next year.
In 2004, Housefed had floated the scheme for construction of 632 flats in five categories at Sector 79.
The allottees were promised possession in 2006 and payment for 140 flats in Category 3 was collected from them.
But, the draw of only 88 flats was conducted in 2014.
The remaining 52 allottees were informed that they will be provided flats at a later stage, as Punjab Housefed did not have enough land to build them.
Ravinder Dogra, one of the allottees, said, despite several assurances, construction was never started in the past 16 years, forcing us to live in rented accommodations.
Another allottee, wishing not to be named, said a consent letter was sent to the 52 allottees that either they can avail of refund, along with 10% interest, or they will have to bear the price increase in future.
“All allottees agreed to bear the price hike, if any. In 2004 when the scheme was launched, the Category-3 flats were priced at Rs 9 lakh. In 2014, when the draw was conducted for 88 flats, the rate was fixed between Rs 19 lakh and Rs 21.25 lakh,” he said, adding that till date neither the possession of the remaining 52 flats had been handed over nor had any interest been given to the allottees.
{{/usCountry}}“All allottees agreed to bear the price hike, if any. In 2004 when the scheme was launched, the Category-3 flats were priced at Rs 9 lakh. In 2014, when the draw was conducted for 88 flats, the rate was fixed between Rs 19 lakh and Rs 21.25 lakh,” he said, adding that till date neither the possession of the remaining 52 flats had been handed over nor had any interest been given to the allottees.
{{/usCountry}}“The agreement to build the flats has already been signed with Markfed and they are completing formalities to begin construction within a month,” said Amarjit Singh, managing director, Housefed.
The Punjab State Federation of Cooperative House Building Societies Ltd, commonly known as Housefed, was set up on November 17, 1970, to tackle housing problems in the state, by providing financial assistance to individuals for construction of houses in rural and urban areas.