(1) The sale price shall be payable in the following manner, namely:- (A) In case of Multi-storeyed houses/Flats (Self Financing Mode).-
(i) Twenty five percent of the sale price of such house, (after adjusting the amount of five percent of reserve price paid as earnest money), shall be payable within a period of forty five days from date of allotment.
However, the said amount may be deposited within a period of next thirty days subject to the payment of three percent as penalty of the said amount.
If the said amount is not paid within the total period of seventy five days, the allotment shall deemed to be cancelled and the amount already deposited shall stand forfeited; and Section 7 Section 14 PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 26, 2021 (KRTK 4, 1943 SAKA) 2652
(ii) the remaining amount (seventy five percent) shall be deposited in six equal half yearly installments, with simple interest at the rate of nine and half percent per annum.
(B) In other cases.-
(i) five percent of sale price:- (a) in the case of e-auction, the price shall be deposited within four working days after the auction, after adjusting the amount already paid as earnest money by the Allottee.
(b) in the case of allotment by draw of lots or otherwise, shall have to be deposited within a period of fifteen days from the date of draw or otherwise, after adjusting the amount already paid as earnest money.
(ii) twenty percent alongwith six percent cess shall be deposited within a period of thirty days from the date of allotment in case of properties sold through e-auction, draw of lots or otherwise.
Provided that the said amount may be deposited within a period of next thirty days, however, subject to the payment of three percent of the due amount as penalty.
Provided further that if the said amount is not paid even within the total period of seventy five days, the allotment shall be deemed to be cancelled and the amount already deposited shall stand forfeited.
(2) Interest rates Applicable on balance payments and Discount on Lump Sum Payments Sr. No. Type of Property i Hospital Site/Hotel Site/ Interest rate applicable on balance Nursing Home Sites/Group payment shall be 9.5% per annum Housing Sites/School Sites compounded annually.
and other Chunk Sites. Penal Interest in case of default ii Shop Cum Office (SCO)/ shall be fifteen percent per annum Shop Cum Flat (SCF) compounded annually.
iii Single Story Shop (SSS)/Booth Allottee can make lump sum payment of the balance seventy-five percent within 60 days in case of Sr No. (i) & (ii) and 30 days in case of Sr No.
(iii) from date of allotment in which PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 26, 2021 (KRTK 4, 1943 SAKA) 2653 case 5% discount on the balance Principal amount i.e. 75% shall be given.
In case of Lump Sum payment towards total Bid amount is made beyond this period of 60/30 days then this discount shall be given on Principal amount apart from that included in next instalment.
iv Residential Plot Interest rate applicable on balance payment shall be 9.5% per annum compounded annually.
Penal Interest in case of default shall be 15% per annum compounded annually.
Allottee can make lump sum payment of the balance 75% within 60 days from date of allotment in which case 5% discount on the balance Principal amount i.e. 75% amount shall be given.
In case of Lump Sum payment towards total Bid amount is made beyond this period of 60 days then this discount shall be given on Principal amount apart from that include in next instalment.
(3) If delay is caused in making the due payment of installments, in addition to the normal rate of interest payable as per the allotment terms and conditions, additional interest at the rate of three percent as penalty shall have to be paid within six months after due date and if the delay is more than 6 months then penalty @ six percent on the amount due is to be levied for the entire period of default.
PUNJAB GOVT. GAZ. (EXTRA), OCTOBER 26, 2021 (KRTK 4, 1943 SAKA) 2654
(4) Where an Allottee or transferee, as the case may be, fails to make the due payments as per the allotment letter, the Allottee shall be liable to pay penal interest as per Rule 16(3). In case, the Allotted not pay the instalment(s) within twelve months of it’s becoming due, the Municipality shall be entitled to resume the property. The Municipality shall resume the property after giving an appropriate opportunity of hearing to the Allottee.
(5) An Allottee or transferee, as the case may be, may prefer an appeal, against the orders of resumption of the property and forfeiture of his/her amount deposited, to the State Government, within a period of sixty days from the date of such resumption order, and the State Government may pass appropriate orders including restoring the said property, but subject to the payment of penal interest, restoration charges @ 2.5 percent of the current reserve price along with total due amount with the rider that the entire amount so becoming due will be deposited with the Municipality within 30 days of the passing of such order. If the Allottee fails to complete the formalities as enumerated above and make necessary deposits with the Municipality within the stipulated time of 30 days, it will be presumed that the Allottee is not interested in the property and the Municipality will be competent to cancel the allotment. Such property may be sold by the Municipality as per rules.