Punjab Launches Two Housing Schemes
At a time when property investment is becoming lucrative for non-resident Indians (NRIs) with the falling rupee, the Punjab government has announced a housing scheme offering freehold residential plots near Amritsar and Bathinda. The schemes, launched on October 11, will be closed on November 8 and the draws will be held on December 11.
In Amritsar’s Gurdaspur and Batala, 140 plots will be sold at a price of Rs 9,990 per sq yard while in Bathinda around 74 residential plots will be available for sale.
*Applicants should not own any other residential property in the city or under the jurisdiction of any development authority.
*Applicants must be an Indian citizen (except the NRI)
*Applicants under reserved category must be a domicile or resident of Punjab.
*For NRIs, the eligibility criteria and required documentation include:
1) Documentary proof regarding applicant’s blood relatives were original residents of Punjab. This can be the birth certificate, a copy of Indian passport, driving license, etc.
2) A person with an Indian passport but resides for 180 days or more in a year in any foreign country and is earning income in the residing country
3) Income tax returns filed in the resident country for the last three years
4) The buyer has to remit the entire price of the plot in foreign exchange.
How to apply
*Applicants can apply online on the official website of the Amritsar Development Authority (ADA) www(dot)adaamritsar(dot)gov(dot)in. Applicants applying online can transfer the earnest money deposit through NEFT/RTGS after downloading challan from the ADA website.
*For those who want to apply offline can get the brochure along with the application form at the branches of the leading banks. Applicants can submit the form with self-attested passport-size photograph along with earnest money in form of a bank draft in favour of the Amritsar Development Authority.
*Applicants need not submit additional documents with the form. However, self-certification in the form is a must.
Terms and conditions
*Applicants need to pay 10 per cent of the plot price as the earnest money deposit with the application form. The 15 per cent price is payable within 30 days from the date of issue of letter of intent. The remaining 75 per cent can be paid in lump sum to get a rebate of five per cent or can be paid in six half-yearly equated monthly installments (EMIs) along with interest rate of 12 per cent after issue of the allotment letter. The first installment should be paid within six months from the date of issue of allotment letter.
*Applicants can apply for multiple plots with a separate application form. Earnest money will be charged with each application but the applicant would be eligible for only one plat.
For more information download sample brochure