India News | Odisha Govt Waives off Rs 1,471 Lakh on Premium for Odisha State Housing Board, Bhubaneswar Development Authority Projects

Bhubaneswar (Odisha) [India], December 31 (ANI): The Odisha state government waived off Rs 1,471 lakhs on premium for Odisha State Housing Board (OSHB) and Bhubaneswar Development Authority (BDA) projects, informed an official release.

A statement issued by the Odisha government read, "Now Government has proposed to waive out the interest payable on delayed payment of premium to the tune of Rs. 1471.75 lakhs (BDA-Rs.651.55 lakhs, OSHB-Rs.820.20 lakhs). This initiative will benefit 5235 allottees (3984 in respect of OSHB and 1251 relating to BDA) of 16 projects executed by OSHB and BDA and therefore resolve this long-standing issue of execution of lease deeds in favour of the allottees."

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As per the statement, OSHB and BDA are the two leading agencies of the state providing affordable housing. Government in General Administration and Public Grievance Department (GA&PG), as well as Revenue and Disaster Management (R&DM) department, provides Government. Land on lease or freehold basis to these agencies for the development of residential and commercial projects.

The primary objective of such allotment of land is to achieve parity in the distribution of this precious resource and to ensure that the housing and commercial requirement of space in respect of less privileged section of the population is not monopolised and exploited by the private sectors.

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OSHB has implemented 10 projects while BDA has executed 6 projects over the Government. land allotted by GA&PG Department and R&DM Department on a lease basis.

The delay in payment of premium by OSHB and BDA attracted imposition of interest by GA and PG Department and R and DM Department which could not be paid because the housing/commercial units were constructed, sold and handed over to the allottees decades back.

The allottees, having paid the cost of housing/commercial units, are pressing hard for the execution of lease deeds. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)