Govt gives realtors instalment scheme as EDC dues touch Rs 20,000cr
Haryana will allow real estate developers to pay external and internal development charges (EDC and IDC) in instalments as it looks to recover dues that have reached a mammoth Rs 20,000 crore.
Through a policy amendment notified on September 21, the government has given developers three payments options. Make an upfront payment of 20% and clear the remaining dues in eight half-early instalments, pay 15% upfront and avail of five half- yearly instalments, or pay 10% upfront and the rest in four half-yearly instalments.
The developer will, however, have to pay interest on the instalments. At the same time, the government has decided to provide a one-year window between the upfront payment and the instalment cycle to give developers breathing space. Once a developer accepts the scheme, the town and country planning department (DTCP) will provide the payment schedule, officials said.
No project will be issued completion or part completion certificate till the outstanding EDC and IDC charges are paid.