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In a relief to builders, state reschedules EDC payment

In a relief to builders, state reschedules EDC payment

Coming to the rescue of the recession-hit realty sector, the state government has rescheduled the payment of external development charges (EDC) and the state infrastructure development charges (SIDC) for builders. Now, the builders can start paying the EDC and SIDC through installments for six months to one year after making the down payment of the total outstanding amount.

In his order issued on December 26, AK Singh, Principal Secretary (Town and Country Planning), said developers could make the down payment of 20 per cent and pay the balance amount in eight half-yearly installments along with the interest. The first installment will become due after a year of the deposit of 20 per cent.

Similarly, when developers make the down payment of 15 per cent, the remaining amount would be collected in five half-yearly installments. In this case too, the first installment would become due one year after the payment of the down payment of 15 per cent.

THEN AND NOW

  • The first installment became due “after one year from the date of the issuance of the policy”, which lead to confusion among officials and builders about the exact schedule of payment of the installments.
  • Now, developers can make the down payment of 20% and pay the balance amount in eight half-yearly installments

Earlier, there was a slight ambiguity in the schedule for the payment of the EDC and SIDC. The earlier policy said the first installment became due “after one year from the date of the issuance of the policy”, which lead to confusion among officials and builders about the exact schedule of payment of the installments.

However, in case where the developer chooses to make only 10 per cent of the down payment of the total outstanding amount, the balance amount can be paid in four half-yearly installments. In this case, the first installment will be due six months from the payment of the 10 per cent down payment.

Source

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Axiom Landbase

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