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GMADA’s new policy to give relief to 400 property defaulters
As per the norms, if a successful allottee does not pay the required amount within the stipulated period of time, the property is resumed by the estate office
The Greater Mohali Area Development Authority (GMADA) has come up with an amnesty policy to provide relief to defaulters who bought properties, both commercial and residential, in draws of lots and auctions in the last four years, but failed to clear their outstanding dues within stipulated periods of time.
As many as 400 defaulters of various projects including Aerocity, Eco-city, Purab Premium apartments and several other commercial properties stand to benefit.
As per the policy, which has been sent to the Punjab cabinet for final approval, only those who paid 25% of the amount are eligible under the scheme.
‘GMADA was charging 18% annual interest’
A senior official of GMADA said, “It was a long-pending demand of the defaulters as GMADA was charging 18% interest annually on the defaulted amount, which amounts to a huge sum. We want to give the allottees a chance to clear their dues. The defaulters who failed to clear their dues in the last four years stand eligible under this policy.”
He further said that most of the defaulters were those who were successful in buying the properties during the draw of lots.
By way of draws of lots and auctions, GMADA in the last five years has sold properties including built-up booths, showroom sites, institutional sites and residential projects in Aerocity, Knowledge City and IT City, also close to the airport; and Eco City-1 and 2, Edu City and Medi City, all in New Chandigarh.
As per the norms, if a successful allottee does not pay the required amount within the stipulated period of time, the property is resumed by the estate office.
Shailander Anand, former chairman of Mohali Property Consultants Association (MPCA), said, “We have requested GMADA to consider the demand of the allottees to allow them to pay the outstanding amounts in installments. Also, the authority should slash the interest amount from 18% to around 12%.”
