The decision by Amarinder Singh-led Punjab government is also expected to also boost the real estate sector in the state.
The announcement came after a meeting of the Punjab Urban Planning and Development Authority, Department of Housing and Urban Development here.
The meeting was chaired by the Chief Minister, and attended, among others, by Local Bodies Minister Navjot Singh Sidhu.
The meeting decided, in principle, to provide a one-time opportunity to defaulter allottees of all authorities, according to an official spokesperson.
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The scheme would, however, be applicable only to those allottees who are defaulters for less than four years or whose penalty amount is less than 100 per cent of the principal amount, the spokesperson said.
The chief minister also soft-launched the New Punjab Sehri Awas Yojana (PSAY) on the occasion.
The scheme, aimed at providing free or subsidised residential houses to homeless urban poor, was given the go-ahead by the state cabinet on March 18.
The meeting, which followed up and reviewed the progress on various decisions taken at the last meeting, also approved lowering of the annual hike in reserved price, from 10 to 5 per cent, through an amendment to the reserved price fixation policy in order to benefit the urban population.
Priority will be given to women and senior citizens in this category.
Another initiative discussed at the meeting related to the development of satellite towns around major cities to ease urban pressure.
The chief minister suggested planned development of towns around key cities like Amritsar, Patiala, Ludhiana and Jalandhar.
A pilot project will soon be launched to study the feasibility of the proposal, which would encompass land acquisition in a manner that enables land owners to get residential and commercial allotments in the new developed satellite townships as compensation for pooling their land through official partners.
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