Applicants applying for a plot in the ADA Amritsar Aero City residential scheme have option of making the payments in easy installments on successful allotment of a plot. The last date to apply for ADA Amritsar Aero City plots scheme was on July 08, 2015.
Amritsar Development Authority – Payment Schedule for ADA Amritsar Aero City Residential Plots Allottees
Amritsar (Punjab, India), November 15, 2015
The Amritsar Development Authority (ADA) had launched a residential scheme of 428 plots (ADA Amritsar Scheme Code: Aero City Plots Scheme) in Aero City, Amritsar in Punjab on May 18, 2015.
ADA Amritsar Aero City Residential Plots Scheme – Payment Plan and Schedule for the Successful Applicants
The applicants applying for a residential plot in ADA Amritsar Aero City residential plots scheme have option of making the payments in easy installments on successful allotment of a plot.
The Amritsar Development Authority will inform you about the dues payable for the allotted plot through an Allotment Letter or Letter of Intent.
For the purpose of record and documentation, the Amritsar Development Authority will reckon the date of issue of Allotment Letter as the date of allotment.
Three-Year Payment Plan with Interest for ADA Amritsar Aero City Plots
For Initial 25% of the Total Price of the Plot
(1) In the Three-Year Payment Plan, 10% price or premium of the plot as Earnest Money is to be deposited along with the application form.
(2) Next, 15% of the total price of the plot, shall be payable as the allotment money within 30 days from the date of issue of Letter of Intent.
(3) In case of failure to make the 15% payment as the allotment money within stipulated period, allotment is liable to be cancelled.
(4) However, Amritsar Development Authority can extend this period up to 180 days on a written request made from the allottee within 30 days from the date of issue of Letter of Intent.
(5) The Amritsar Development Authority will charge surcharge and penal interest for the delayed period. The surcharge shall be at the rate of 1.50% for 30 days, 2% for 60 days, 2.50% for 90 days and 3% for 180 days of delayed payment. In addition, penal interest shall also be charged at the rate of 18% per annum for the delayed period.
(6) In case, the allottee fails to pay the surcharge and penal interest for the delayed period, the earnest money already deposited shall be forfeited.
For Balance 75% of the Total Price of the Plot
(1) Balance 75% of the total price or premium of the plot would be payable in six equal half-yearly installments along with interest at the rate of 12% per annum on reducing principal amount at the end of each half yearly.
(2) First installment shall become due after one year from the date of issue of allotment letter.
(3) In case, an allottee makes balance 75% payment in lump sum, within 60 days from the date of issue of allotment letter, a rebate at the rate of 5% on this amount shall be admissible.
(4) However, in case payment of amount due is made in lump sum subsequently at any stage, a rebate of 5% on the balance principal amount shall also be admissible.
(5) In case of any advance payment, which is not less than the next due installment, remaining installments shall be rescheduled.
(6) Normally, the Amritsar Development Authority shall not allow any extension of the date for the payments. However, if due to any reason, you fail to pay the amount payable to the Amritsar Development Authority within the prescribed time limit, the Authority may allow extension of time for such default period under exceptional circumstances.
(7) In the event of such extensions of payment date, the interest and penalty shall be payable on the defaulted amount for the defaulted period.
(8) In case of non-payment of installments by due date, allottee shall be liable to pay a penalty on the amount due at the following rates for the delayed period.
(a) If the period of delay is up to one year, an interest at the rate of 12% per annum plus a penalty at the rate of 3% per annum will be charged for the delayed period.
(b) If the period of delay is up to two years, an interest at the rate of 12% per annum plus a penalty at the rate of 4% per annum will be charged for the delayed period.
(c) If the period of delay is up to three years or more, an interest at the rate of 12% per annum plus a penalty at the rate of 5% per annum will be charged for the delayed period.
(9) However, before imposing any penalty, the Estate Officer shall issue a notice and provide an opportunity of being heard to the allottee, and pass an order in writing, provided that penalty so imposed shall not exceed the amount due including principal and the interest chargeable from the allottee.
(10) The money received from an allottee shall be adjusted first towards penalty, then towards interest and thereafter towards principal.
(11) In case of enhancement of price of partly paid plots due to increase in area, enhancement of land compensation, or for any other reason, the increased price shall be added to the balance payment scheduled.
(12) In case of fully paid plots, the enhancement of price due to any reason shall be paid within 60 days without payment of any interest of such demand or in three equal six monthly installments along with an interest at the rate of 12% per annum.
(13) In case of reduction in area, the excess amount shall be refunded or adjusted, as the case may be, on pro-rata basis with in a period of 60 days.
(14) All payments shall be made by a bank draft drawn in favour of the Estate Officer, ADA, Amritsar. Payment by cheque shall not be accepted. Details of plot number, area, sector, and urban estate should be indicated both in the forwarding letter and on the back of demand draft for avoiding any misuse.
(15) No separate notice of payment of installment shall be sent.
(16) Receipt in respect of all payments received shall be issued within a period of 15 days from the date of payment.
The Mode of Payment
You can make all payments to the Amritsar Development Authority for your plot online via RTGS or NEFT or in the form of Demand Draft or Pay Order drawn in favour of ‘Estate Officer, ADA, Amritsar’ payable at Amritsar (Punjab).
The Last Date for Submission of Application Forms for ADA Amritsar Aero City Residential Plots Scheme
The last date of booking or registration for ADA Amritsar Aero City residential plots scheme was on Wednesday, July 08, 2015.
Amritsar Development Authority – Aero City Plots Scheme
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