Section 8 in New External Development Charges Policy (In short New EDC Policy), 2004
8.
In other cases, failure to meet the deadline to deposit 20% of the capitalised amount shall result in penal rate of 18% per annum being charged to calculate the capitalised amount and the subsequent instalments of accumulated EDC, arrears shall attract interest @ 15% per annum instead of 12% per annum, in addition the penal action against the promoters under provision of Punjab Apartment and Property Regulation Act, 1995 and statutory rules, framed thereunder shall be initiated.
