Punjab gives sops to real estate players

real estate
The Punjab government has announced a slew of relief measures for the beleaguered real estate sector amid the unprecedented Covid-19 situation, including a six month extension in the permissible period of construction of plots/projects for all allotters, whether private or allotted by state urban authorities, either through auction or draw of lots. The stimulus package announced by the Chief Minister, which is applicable to both allotters and developers, is aimed at providing them with immediate relief, while arresting the slowdown in the housing sector. The relief measures are applicable to all the urban development authorities of the state, and shall be restricted to amount due from April 1 to September 30. The CM said thatnotwithstanding the huge financial implications for his government, it had decided to support the real estate sector, which has suffered major disruptions due to the pandemic. Various representations had been received by the government on this count, he said in a statement. Referring to the financial implications of the six-month extension in construction period, the Chief Minister pointed out that since development authorities annually receive non-construction fee of nearly Rs 35 crore, this particular relaxation would lead to reduction in receipt to the tune of Rs 17-18 crore for all the authorities put together. In another key relief measure, the Chief Minister announced that all the urban development authorities have also been directed not to charge non-construction charges/extension fee/licence renewal fee for the period from April 1 to September 30, 2020.

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