Housing board cuts interest on delayed ground rent payment
Ramkrishan Upadhyay
Tribune news service
Chandigarh, September 16
In a relief to a large numbers of residents, the Chandigarh Housing Board has decided to reduce the interest rate on delayed payment of ground rent from 24 per cent to 20 per cent in all such cases where allotment letters were issued between February 5, 2002, and January 6, 2017.
The calculation of ground rent and premium will be done after taking 20 per cent interest on the delayed payment. The order in this regard has been issued by the housing board chairman Ajoy Kumar Sinha.
Sources said the Chandigarh Housing Board employees wrongly calculated the arrears of the ground rent in some cases despite the fact that the interest on the delayed payment was reduced by the order issued in 2002.
The order issued by the board chairman today said, “Under the Chandigarh Lease-Hold of Sites and Building Rules, 1973, there is a provision to charge 24 per cent rate of interest from allottees on delayed payment. However, under the Chandigarh (Sale of Sites and Buildings) Amendment Rules issued on February 5, 2002, and the Chandigarh (Sale of Sites and Building) Amendment Rules, 2004, issued on December 9, 2004, the rate of interest has been reduced from 24 to 20 per cent.”
The order further said in view of the above two notifications, it has been decided to implement the following instructions in case of allotment made on leasehold basis.
(a) In cases where no-due certificate has already been issued, no recalculation will be done.
(b) The calculation will be done as per the previous practice in all schemes where allotments have been made prior to June 5, 2002.
(c) The cases where allotment letters were issued between June 5, 2002, and November 6, 2007, the calculation of ground rent and premium will be done after taking 20 per cent interest on the delayed payment.
In allotment letters issued after November 11, 2007, the terms and conditions of the respective schemes will prevail. The allotments under the self-finance scheme continue to be as per the terms and the conditions of the scheme.
