chandigarh after the first two attempts of the punjab government to recover outstanding dues from stalled real estate projects failed to get any response it has now further relaxed the norms to fetch the pending payment and at the same time allow such projects to restart the promoters of these schemes will now get up to three years to pay the due amountboth the earlier openended moratorium policies notified on july 10 and august 8 this year have been superseded by a new closeended policy the new policy was announced following a representation by the confederation of real estate developers association of india credai which highlighted the recession in the real estate sector and need for brining uniformity in dealing with different categories of real estate projectsthe punjab government has to recover dues which include external development charges edc and license fee to the tune of about rs 900 crore from different developersin the earlier policies defaulting projects licenced under the punjab apartment and property regulation papr act 1995 had to pay 20 of the pending amount upfront while the 80 of the defaulted amount was to be recovered in six quarterly instalments over 18 months in case of mega project 20 of pending amount was to be paid with two months from the date of approval and the rest in six quarterly installments for benefit of promoters the period of clearing the dues has been increased from 18 months to three years and quarterly installments have been changed to halfyearly as the policy is closeended those interested to take benefit will have to apply by december 31as per the new policy to avail the benefit the developers will have to submit all the cheques by december 31 with first cheque being payable on march 31 2020the outstanding dues of projects under the jurisdiction of different development bodies punjab urban planning and development authority greater mohali area development authority amritsar development authority patiala development authority greater ludhiana area development authority and jalandhar development authority as on december 31 2019 can be paid in six halfyearly installments along with applicable interest by way of postdated cheques however the benefit is applicable only in cases where security in the form of bank guarantee or hypothecation of plots is provided for the amount duethe outstanding amounts will be calculated project wise and no dues certificates will also be issued project wise in future the government has made it mandatory for the developers to submit postdated cheques for all installments of duesvicepresident of punjab colonizers and dealers association gulshan kumar and director of gk group rohit punian said they feared that the new policy might also fail to yield desirable results the government should collect the charges only on sold inventory if a builder is struggling to sell inventory how will he be able to clear the dues said kumar highlights of new policy cheques must be submitted by december 31 to avail benefit first payment will be due