PRAYAGRAJ: The Prayagraj Development Authority (PDA) has introduced a significant relief measure for numerous allottees in its housing and plot schemes by launching the One-Time Settlement (OTS) scheme aimed at clearing long-standing dues.
Officials report that 317 defaulters owe a total of approximately Rs 41 crore. These defaulters are individuals who acquired flats or plots but have not adhered to their payment instalments. As a result, interest has accumulated, with some cases seeing the compounded interest nearly matching the original property costs.
In many instances, the plot registries were completed, but the freehold processes remained incomplete, which caused further delays in payments and heightened penalties. Consequently, outstanding dues have grown substantially, putting both the authority and the allottees in a challenging position.
To address these issues, the PDA has rolled out the OTS scheme, providing significant relief to defaulters. Under this scheme, all penal interest will be waived, and the remaining principal amount can be settled in six or seven instalments. However, officials have noted that extending the number of instalments beyond this limit will decrease the benefits under the scheme.
