Uttar Pradesh Introduces OTS Scheme for Property Defaulters
LUCKNOW: The housing development authorities in Uttar Pradesh are set to introduce a one-time settlement scheme aimed at allowing defaulters the opportunity to settle their debts. The cabinet has given the green light for this scheme, which is designed to stimulate the real estate market and recover overdue payments from buyers who owe money to organizations such as the Lucknow Development Authority and Kanpur Development Authority. This scheme will be applicable for settling debts that have accrued from the purchase of various types of properties, including residential, commercial, mixed-use, and institutional sectors. Currently, there are 18,982 pending default cases with…