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The Haryana Cabinet has come to a decision for considering the period from April to 31stMay as the zero period. This move comes as a much-awaited relief to the players in the real estate industry. It is expected to heal the industry back to health after the second wave of the pandemic disrupted the industry for two months.
Experts in the real estate sector believe that this benefit was much-needed. However, the authorities should have provided this relief for a longer period.
On June 15th, the Cabinet had decided to consider this zero period during the mentioned phase. This is meant for the purposes of interest on payment of renewal fee of license in case of delays. The decision also involves the submission of a fresh bank guarantee for the license grant and penal interest for the instalment payment of external development works.
The developers have also come up with relief in interest on the pending dues. This is meant for the complications that are bound by time. The move is likely to help real estate builders mitigate their economic outflow for payment on any EDC work to the infrastructure of the state. Due to the lockdown, no activity took place on the site. Therefore, the state government would omit this period for the relevant amounts.
The relief is more symbolic, given that the time period for this benefit would be only one month. Real estate industry stakeholders believe that they could have benefitted substantially of the relief was provided for a longer duration. Nevertheless, the realtors would benefit from the decision that has been taken, as it would partially bail them out of the trouble that has been concerning them over the last few months.
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