NEW DELHI: The Delhi Development Authority has decided to further extend the Penalty Relief Scheme 2001 up to March 31, 2006, in view of the demand of the Allottees' Welfare Association and individual allottees of its various schemes.

The scheme, which has already been extended six times since its introduction on October 1, 2001, will not be extended hereafter, DDA has categorically stated.

The scheme, which was earlier valid up to September 30, 2005, provides a one-time package deal to clear all the instalments with interest at the rate of 13 per cent per annum for delayed monthly instalments.

It was applicable to all the higher purchase allottees under General Housing Scheme, New Pattern Housing Scheme-1979, Retiring Persons Scheme, Ambedkar Awas Yojana and Janata Housing Scheme-1996.

This scheme is also applicable on Semi-Cash Down and Expandable Housing Scheme subject to the condition that all dues including cash-down payment of balance instalments are cleared. However, it is not applicable to the other schemes including Cash-Down Allotment, Self-Financing Scheme and to commercial flats.

Payments

The allottees who make payment of all outstanding instalments due up to the date of application and interest or penalty are eligible to avail of the facility of relief under the scheme. DDA has also devised a unique scheme of arranging finance for such payments and has tied up with various banks.

The allottees, it said, can now also avail of housing loan by mortgaging the house to any financial institutions or organisations or banks controlled by the Reserve Bank of India.

Some banks like Central Bank of India, State Bank of India, Union Bank of India and Oriental Bank of Commerce have in principle agreed to finance the allottees subject to completion of certain formalities.

Calculation

Forms for the scheme are priced as Rs.50 and are available at various outlets including Reception Sale Counter, DDA Office, D-Block, Vikas Sadan. A ready reckoner for calculation of interest has also been provided in the penalty relief brochure itself with the form so that allottees can calculate the interest and submit the same to DDA for further verification.

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