Punjab Cabinet gives relief to developers

Written by fe Bureau | Chandigarh | Updated: Jul 31 2010, 04:30am hrs
The Punjab Cabinet on Thursday approved the procedure to be adopted for giving credit to the promoters of mega projects in the External Development Charges (EDC).

The procedure had been rationalised in view of the request made by Confederation of Real Estate Developers Association of India and National Real Estate Development Council to the CM for reduction in government charges.

The Cabinet also gave approval for the grant of relief for crop loss to the affected farmers due to monsoon rains. Under amended instructions, crop damage relief was Rs 5,000 per acre for losses exceeding 75%, Rs 3,000 per acre for losses between 50-75% and Rs 2,000 per acre for losses between 25-50%, irrespective of the maturity stage and whether the area can be re-sown.