Chief Minister Captain Amarinder Singh gives support to real estate sector

May 23 2020 11:55 AM
Chief Minister Captain Amarinder Singh gives support to real estate sector

Between the Corona transition and the lockdown, Punjab Chief Minister Captain Amarinder Singh has made several announcements to give relief to the real estate sector surrounded by challenges due to Covid-19. Under this, all the allottees have been given an extension of six months in the fixed period of construction of plots / projects. Whether it is allotment private or done through bid or draw by governmental organizations in urban areas of the state.

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This incentive package will be applicable to both allottees and developers. Its purpose is to provide immediate relief to both, as well as to remove the blockages in the housing area. This relief has been applied to the urban development authorities of the state and will be applicable from April 1 to September 30, 2020. The government spokesperson said that these necessary relief measures are in addition to some incentives decided by the Ministry of Housing and Urban Development, including extending the legal deferment of installments by six months in the cases of auction properties.

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CM instructed all development authorities not to take non-construction fees / extension fees / license renewal fees for the period from 1st April to 30th September. This will result in loss of more than one crore revenue. Under this relief, the approvals of mega projects and licenses issued under PAPRA will be extended for six months without fees.

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