No fine on late EMIs from March-August for Uttar Pradesh government houses – ET RealEstate

LUCKNOW: In a relief to home buyers hit by the coronavirus pandemic, the state government has decided not to impose any penalty on delayed payment of instalments for the period between March 1 and August 31.

Besides, the government has also advised the development authorities and the housing board to charge simple interest for this period of six months.

According to a notification issued by the state housing and urban planning department, the benefit can be availed only by the buyers who will clear their dues by September 30.

An order issued by principal secretary, housing and urban planning, Deepak Kumar and addressed to all DMs, vice-chairpersons of development authorities and housing commissioner, states that simple interest can be charged from home buyers who fail to pay the instalments for the six-month period (March to August).

Scores of home buyers could not pay their instalments owing to the financial crunch triggered by the lockdown. Housing officials said the department felt the need to give a buffer period to the home buyers in the wake of the Covid crisis.

The offer, however, comes with a rider: rebate on full payment will not be taken into account for the period between March and August. The order also states that the terms and conditions of the agreement signed at the time of the home purchase will remain unchanged.

Kumar in his order said that the decision has been taken in the wake of the Covid pandemic and the Union housing and urban development ministry directive to extend relief to home buyers for payment of instalments.

UP government had recently extended the deadline for completion of housing projects in the National Capital Region from June 2020 to December 2021 on the request of developers.

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