Tribune News Service

Chandigarh, August 21
Close on the heels of a slew of incentives for the recession-hit realty sector, the Hooda Government has come out with a new composition policy aimed at benefiting those builders, who had defaulted on allotment of plots and flats to the economically weaker sections (EWS) of society.

Under the new policy, the builder concerned would not face penal action and instead would be let off after paying a “one-time” composition fee for “ compounding violations committed in the allotment of EWS plots/flats in the licensed colonies”.

Sources said the builders, who delayed the allotment process but completed the project up to December 31,2012, would have to pay a “one-time” payment of Rs 1 lakh, Rs 50,000, and Rs 25,000 per colony in the high/hyper, medium and low-potential zones, respectively.

Those builders, who failed to complete the allotment process by December 31,2012, would be allowed time up to June 30,2014, after payment of the composition fee.The composition fee for such builders would be Rs 2 lakh, Rs 1 lakh and Rs 50,000 per colony for the hyper/high, medium and low potential zone, respectively.

The Department of Town and Country Planning would get tough with the builders not completing the allotment process by June 30 next year. In this case,the builders would have to shell out Rs 1 lakh, Rs 50,000 and Rs 25,000 per colony per month for hyper/high, medium and low potential zones, respectively.The composition fee would be charged from the due date up to which the allotment process was to be completed as per terms and conditions of the licence and building plans till the date of compliance, sources added.

Under the Haryana Development and Regulation of Urban Areas Act,1975, it is mandatory for the builders to reserve a specified number of plots/flats for EWS and allot them within a specified period.

New Composition policy

-New composition policy for builders defaulting on EWS allotments
-No penal action if the builder pay the composition fee
-Builders given time to complete allotment process by June 30,2014
-Hefty fines in case the allotment process is not completed by June 30, 2014

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