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 the authorities and other government entities. Officials indicate that the initiative could potentially recover up to ₹12,500 crore in outstanding amounts. “In an optimal scenario, we believe we can secure that amount through the one-time settlement,” an official remarked.
Under this scheme, authorities will have the discretion to waive certain fees and penalties related to delays in compliance and approvals. Defaulters will only incur simple interest, enhancing the attractiveness of the initiative, which will remain in effect for three months post-launch. Notifications will soon be dispatched to the mobile numbers and email addresses of defaulters.
