the Greater Mohali Area Development Authority (GMADA) has transferred the earnest money — a whopping Rs 8,700 crore to the banks, which have agreed to disburse them to the around 3.18 lakh applicants who now have a reason to cheer. They willget refund of at least one month interest paid at the rate of around 8 per cent per annum.
The one month interest will come at Rs 4,000 for one kanal applicants, Rs 3,200 for 16 marla, Rs 2,400 for 12 marla, Rs 2,000 for 10 marla, Rs 1,600 for 8 marla, Rs 1,200 for 6 marla and Rs 1,000 for 5 marla applicants.
For a one kanal plot, applicants had paid Rs 6 lakh earnest money, for advancing which, the banks had charged Rs 24,000 on account of interest for six months. Similarly, Rs 19,200 interest was charged for Rs 4.8 lakh earnest money advanced for 16 marla plots; Rs 14,400 for Rs 3.6 lakh for 12 marla plots; Rs 12,000 on Rs 3 lakh for 10 marla plots; Rs 9,600 for Rs 2.4 lakh for 8 marla plots; Rs 7,200 for Rs 1.8 lakh for 6 marla plots; and Rs 6,000 for Rs 1.5 lakh for 5 marla plots.
The interest amount was chargeable with effect from July 6 when the scheme closed and the six months period for which interest has been charged by banks will expire on January 5, 2011.
GMADA has transferred refund of 500 and 300 square yards category to Axis Bank, Phase VII, Mohali; 250 and 150 square yards category to IndusInd Bank, Phase 3B2, Mohali; and those of 400, 200 and 125 square yards categories to HDFC Bank, Sector 17-C, Chandigarh.
Banks concerned will be sending the refund vouchers to the addresses of the unsuccessful applicants given in their application forms and in case any applicant fails to get his/her refund till December 10, he/she can approach the concerned bank branches
Part of the Dream Weave Walk Network 1998-2010