Section 7 in The Punjab Town Improvement (Utilisation of Land and Allotment of Plots) Rules, 1983
7. Mode of payment of sale price.
(1)The sale price of the residential plots shall be recoverable as under :-(i)25 per cent of the sale price including earnest money at the time of allotment;(ii)remaining 75 per cent of the sale price in five six monthly equated instalments with simple interest at the rate of ten per cent per annum;Provided that in case of allotment of plots up to 200 square yards size to Freedom Fighters and Political Sufferers, the recovery of the remaining 75 per cent shall be effected in ten six-monthly equated instalments and the rate of interest shall be eight per cent per annum :[Provided further that in the case of allotment of plot to a Non- Resident Indian, the sale price shall be recoverable in lump sum in foreign currency.] [Second proviso added by GSR 53/P.A. 4/22/Section 73/Amendment(1)/84, dated 28.5.1984.](2)In the case of multi-storeyed houses 15 per cent of the estimated cost of such houses excluding the earnest money shall be payable at the time of allotment and the remaining amount of the sale price shall be payable in 120 monthly equated instalments with simple interest at the rate of ten per cent per annum.Note. - In case of marginal increase in area of the plot due to actual measurement or adjustment on the spot, the allottee shall pay the reserve sale price of the excess area at the rate payable for the next higher category of plots.
