E-Paper
Punjab: Concession okayed for property allottees
Punjab local government minister Dr Ravjot Singh says those who received allotment letters less than 15 years ago would receive a 50% discount on the total non-construction fee (principal amount plus interest)
The Punjab government has approved a one-time relaxation (OTR) policy for property allottees of the improvement trusts with regard to non-construction fee and outstanding allotment amounts. Punjab local government minister Dr Ravjot Singh said the move would benefit allottees of residential and commercial properties.
He said those who received allotment letters less than 15 years ago would receive a 50% discount on the total non-construction fee (principal amount plus interest). For those whose allotment period exceeds 15 years, the non-construction fee will be fixed at 5% of the reserve rate. The minister said an additional 25% discount on non-construction fee is there for senior citizens, women and heirs of armed or paramilitary forces personnel killed in action, over and above the existing exemptions.
Under the policy, properties allotted by improvement trusts can be regularised after depositing outstanding amounts, but the exemption applies only to those cases wherein allottees have deposited one-fourth of the bid amount. Simple interest rate on the outstanding amount and restoration charges at 2.5% of the reserve rate for 2025-26 have to paid. He mentioned that this policy provides complete exemption from penal interest.
According to the minister, allottees can send their request to the concerned improvement trusts manually or via email by July 31 and make payment by December 31.
