Buyers take a hit as govt trims payment tenure
The Punjab Cabinet on Friday approved a proposal to reduce the maximum duration for buyers to deposit the purchase amount of properties sold by urban local bodies from current three years to six months.
The amendment to the Punjab Management and Transfer of Municipal Properties Rules, 2021, was approved at a meeting chaired by Chief Minister Bhagwant Mann.
The proposal will now be tabled in the state Assembly for approval.
Currently, buyers are allowed to pay the amount in six instalments, payable every six months from the date of the allotment a property.
According to officials, the move aims at faster realisation of revenue by urban local bodies, strengthening of municipal finances and reducing legal disputes related to delayed payments.
Rs 5 cr for innovation mission
With the objective to tap Punjab’s growth potential by developing a vibrant environment for entrepreneurship, the Cabinet also gave nod to allot Rs 5 crore to the Punjab Innovation Mission to help meet its objectives. The mission is important for the state as it acts as a catalyst to give an impetus to develop Punjab as an industrial hub.
Promotion rules
To streamline promotions in the Punjab Police, especially among those promoted from the sports quota, the Cabinet gave its nod to frame service rules for the officers and other employees serving in 207 specially promoted cadre.
This decision will regulate the future promotions of these police personnel.
Repeal of redundant laws
The Punjab Cabinet also approved the Punjab Appropriation Acts (Repeal) Bill, 2025, based on recommendations of the group of secretaries to review redundant laws. As per the recommendations of the committee, the Department of Finance identified its appropriations acts for repealing, which authorised the departments to incur expenditure from the Consolidated Fund of the state.
The repeal of the Appropriation Acts, whose terms have ended, will in no way have any adverse effect on actions that were validly taken or to be taken in relation thereto pursuant to these Acts.
Punjab