Realty Industry Gets Moratorium From Haryana Till 30th September

The Haryana Govt. has been kind and considerate enough to grant moratorium to the realty industry till 30th September. The moratorium has been granted on compliances and interest payments for a period of seven months till 30th September for all the existing projects. An official statement after the cabinet meeting said this applies that the ‘zero period’ will last from March 1 to September 30.

As per the Haryana Apartment Ownership Act. 1983, the payment or permission cases for which the moratorium has been allowed are Licence and CLU (Change of Land Use) validity, Letter of Intent for CLU and licence cases, payment of fees and charges, licence renewal and CLU extensions, and Bank guarantee and deed declaration.

The Council of Minister shall help the industries to adapt to the new economic realities and rise in a smooth manner for which Industrial Disputes (Haryana Amendment) Ordinance 2020 draft is planned to be brought before the Council. To help new businesses get their business back on track for the newly established or new undertaking or class of new establishments, the govt. is keen to provide concessions for the next 1000 days. This will be done by relaxing certain provisions of the labour laws to increase the investment and provide employment opportunities to the workers.

To enable the recovery of long term payment dues on account of External Development Charges., the Haryana Cabinet has approved this one-time settlement scheme called ‘Samadhan se Vikas’ which is based on the Central scheme of ‘Vivad se Vishwas-2020’. Coming from the Chief Minister who holds a finance background, the scheme was announced in the state budget 2020-21. 75% of the accumulated interest and penal interest shall be waived if the colonizer deposits 100% of the principal amount that is outstanding on account of EDC and interest and penal interest.