
LIT urges property owners to avail of one-time settlement schemes
Ludhiana:
Ludhiana Improvement Trust
(LIT) officials urged people to avail themselves of the scheme for one-time settlement policies, which provide relief to defaulters from non-construction fees and pending dues for the allotment of properties.
In a press statement issued on Thursday, LIT Chairman
Tarsem Bhinder
said that the local bodies department issued two one-time relaxation policies for the allottees, those transferred, and owners of properties falling under development schemes of LIT.Under the
non-construction fee
policy, a 50% discount was given on the total amount of non-construction fee (principal amount and interest) due to allottees of properties falling under the development schemes of the trust, for which less than 15 years or more than 15 years passed from the date of issuance of the allotment letter.
Operation Sindoor
Operation Sindoor: Several airports in India closed - check full list
Did Pak shoot down Indian jets? What MEA said
India foils Pakistan's attack on Jammu airport: What we know so far
The non-construction fee due for more than 15 years was fixed at the rate of 5% of the reserve rate (applicable). Along with this, senior citizens, women, and legal heirs of soldiers of the Armed or Paramilitary Forces killed in action were also given an additional 25% discount on the above-given discount on the non-construction fee.After getting an exemption from the govt under the one-time relaxation policy regarding the amount of non-construction fee (NCF), the allottee will be bound to deposit the amount and construct his property by getting the plan approved by December 31.
He said that under the one-time settlement for pending dues where allottees made some kind of payment, this exemption will be applicable only in cases in which allottees deposited 1/4th part of the amount after the allotment of property. According to this, allottees will be able to regularise their property by depositing the remaining amount at the applicable rate (at simple interest) and restaurant charges at the rate of 2.5% at the reserve rate for the year 2025-26. Complete exemption was given on penalty/penal interest.Bhinder said that if allottees, transferees, or owners of properties falling under the development schemes of the trust want to get the benefit under the one-time relaxation policy regarding the amount of non-construction fee (NCF) issued by the govt, they can get the benefit by submitting a request in person or via email at the trust office till July 31. If anyone wants to get any other information in this regard, they can come to the LIT office on any working day and get the information.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
11 minutes ago
- Mint
Swiss firm Cabeltec SA discusses business opportunities in India during meeting with Piyush Goyal
Bern [Switzerland], June 9 (ANI): Cabeltec SA Co-Owner Frederic Leuba met Commerce Minister Piyush Goyal, who is on a two-day visit to Switzerland. They discussed possible business opportunities in India. The Group has expertise in cables and machinery. Speaking to ANI after the meeting, Frederic Leuba said he would give a though about investing on a factory and an office in India. "For the very fine wire, for the wire tech company, it would be more have all the knowledge here. But for the cable industry, maybe we could have in mind to create a factory or an office there," he said. "Since now we don't have a company in India. We (would) work with some companies in India. I cannot say where we already sold one machine, but I know some people in India, some friends in India, and I love the new people in India philosophy, and we have a very good impression to develop (in) the country," he added. Union Minister of Commerce and Industry Piyush Goyal commenced his official visit to Switzerland on Monday, as part of his ongoing visit to Switzerland and Sweden from June 9 to 13, 2025. "This visit underscores India's steadfast commitment to deepening strategic and economic partnerships with key European nations, advancing robust trade and investment ties, and supporting a shared vision for resilient global growth," his ministry said in a statement. The visit commenced in Switzerland today, where the Minister engaged with global CEOs and prominent industry leaders to explore opportunities for strengthening bilateral trade and investment. The itinerary includes focused sectoral meetings with prominent Swiss industry leaders in areas such as Pharma and Life Sciences, and Precision Engineering/Machine Tools/High-tech Manufacturing. The Minister will also connect with the ICAI Zurich Chapter and interact with Indian media. A significant highlight will be meeting with Federal Councillor Guy Parmelin, fostering strong trade and diplomatic ties. "A significant component of the high-level visit to Switzerland will include a series of one-on-one meetings with leading Swiss companies. Indian industry representatives will also participate in these crucial engagements, fostering direct dialogue and exploring specific collaboration opportunities. The day will also feature participation in the Swissmem Industry Day and a Business Round Table with the Swiss Mechanical and Electrical (MEM) Industry, where deliberations will focus on the potential and opportunities arising from the India-EFTA Trade and Economic Partnership Agreement (TEPA)," the commerce ministry said in a statement. (ANI)


Hindustan Times
12 minutes ago
- Hindustan Times
Satellite for ₹33,000, data plan at ₹3000: Starlink's India plan
Elon Musk's satellite internet service Starlink is preparing to commence operations in India within the next two months after receiving its license last week, sources said. The company has finalised its pricing structure for the Indian market, setting the cost of the required satellite dish device at approximately ₹33,000. The monthly unlimited data plan is expected to be priced at ₹3,000. As part of its launch strategy, Starlink plans to offer a complimentary one-month trial period with each device purchase, allowing customers to test the service before committing to regular monthly payments. The satellite internet service is expected to significantly impact connectivity in India's remote and underserved areas, where traditional broadband infrastructure has been challenging to establish. Starlink's low Earth orbit satellite constellation promises to deliver high-speed internet access to locations previously unreachable by conventional terrestrial networks. READ | Modi orchestrated Starlink's Airtel, Jio deals to buy peace with Trump: Congress The pricing structure appears consistent with Starlink's regional strategy, as the device costs align with those in neighbouring countries. In Bangladesh, the Starlink device is priced at ₹33,000, while Bhutan maintains the same ₹33,000 price point for the equipment. Industry experts suggest that Starlink's entry into the Indian market could intensify competition in the country's telecommunications sector and provide crucial connectivity solutions for rural areas, educational institutions, and businesses in remote locations. The company's imminent launch comes as India continues to push for digital inclusion and improved internet connectivity across its vast geographical expanse, particularly in areas where traditional internet service providers have struggled to establish reliable networks.

Economic Times
23 minutes ago
- Economic Times
ET Market Watch: RBI's bold move sends markets soaring; Nifty breaks out
Transcript Hi, you're listening to ET Markets Radio, I am your host Neha V Mahajan. Welcome to a fresh episode of ET Market Watch -- where we bring you the latest news from the world of stock markets every single day. Let's get to it: Indian markets surged on Monday as bulls took charge across sectors. Headline Moves: Sensex jumped 256 points to close at 82,445. Nifty hit an 8-month high at 25,103 Bank Nifty scaled a record intraday high and crossed 57,000 for the first time ever! Why the Optimism? RBI surprised markets with a 50 bps repo rate cut Also slashed CRR by 100 bps to boost liquidity Add to that, strong US jobs data And progress in US-India trade talks—a perfect recipe for a rally Banks Lead the Charge Private banks were the stars: RBL Bank up 7% Bandhan Bank +6% Axis Bank, Bajaj Finance, Kotak Mahindra also posted solid gains Big Stock Movers: MCX soared 7% after getting approval to launch India's first electricity derivatives Hyundai Motor India hit a fresh lifetime high—₹1,986, crossing even its listing day peak Broader Market Buzz: Midcaps and Smallcaps outperformed: Nifty Midcap 100 rose 1.1% Nifty Smallcap 100 gained 1.6% Global Cues Positive Asian markets closed in the green Global stocks hit a record high Investors are now watching out for US inflation data due Wednesday—which could move the Fed's needle.