Delay in possession: Allottees demand 12% rate of interest


Amritsar, January 6

A delegation of residents of Sri Guru Ramdas Urban Estate, located on Airport Road, recently met visiting Cabinet Ministers and handed over a memorandum to them demanding basic civic amenities in the colony.

Surinder Chauhan, president of the Sri Guru Ramdas Urban Estate Association, said the memorandum containing their demands was handed over to Cabinet Ministers Aman Arora, Housing and Urban Development Minister and Harbhajan Singh ETO. He said Aman Arora after going through their demands promised to solve all the problems of the allottees and residents of the urban estate.

Plot allottees and residents demanded that 12 per cent rate of interest on the total sale amount of the plot due to late development and delay in possession should be waived off. They said there was no provision of a penalty on the PUDA for the delay in providing possession to allottees. However, a delay on the part of allottees in depositing plot’s cost attracts a penalty of 15 per cent, which includes 12 per cent interest on the balance amount of the plot cost and 3 per cent penalty for the first year. It is 16 per cent (12 per cent interest and four per cent penalty) in case two years and 17 per cent (12 per cent interest and 5 per cent penalty) in case of three years and above.

They said it was a double whammy for plot holders to pay for the PUDA’s anomaly and then pay interest on the loan taken, besides, exponential rise in the construction cost, that too due to the delay on the part of PUDA in providing basic civic amenities.

Floated in November 2015, 389 allottees were given allotment letters in 2016 following a draw of lots held on March 3, 2016. At the time of allotment of plots of varied sizes, which includes 83 plots of 200 square yard (sq y), 72 plots of 256 sq y, 74 plots of 300 sq y, 62 plots of 400 sq y, 98 plots of 500 sq y, the scheme was hailed as first integrated township with wide roads and state-of-the-art trade centre. Even after the passage of several years, the scheme is yet to receive all amenities.