Section 133(1) in Punjab Regional and Town Planning and Development Act, 1995
(1)The net amount payable under the provisions of this Act by the owner of a reconstituted plot included in the final scheme may, at the option of the contributor, be paid in lumpsum or in such annual instalments as may be prescribed and if the owner elects to pay the amount by instalments interest at such rate as may be prescribed shall be charged on the net amount payable and if the owner of a plot fails to elect the option on or before the date specified in a notice issued to him in that behalf by the Authority, he shall be deemed to have elected the option of paying contribution by instalments and the interest on the contribution shall be calculated from the date specified in the notice, being the date before which he was required to make an election as aforesaid :Provided that, where an owner elects to pay the amount in lumpsum but fails to do so, interest at such rate as may be prescribed shall be payable by him to the Authority from the date specified in the notice to the date of payment.
