New Payment Deadline Sparks Concern Among Flat Buyers
Ludhiana’s real estate buyers have been taken by surprise as the Ludhiana Improvement Trust (LIT) changed critical payment norms for pending flats at the Atal Apartment housing scheme. Originally, buyers had three years to complete their installment payments. However, under the revised rule, the entire outstanding payment must now be submitted within only 4.5 months.
This abrupt change has sparked anxiety among potential buyers, industry watchers, and home seekers who were planning to invest or complete their dues under the project. Although reserve prices remain unchanged, the severely shortened payment window has dampened enthusiasm among applicants.
Strict Timeline: What’s Changed
Based on the updated payment schedule:
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Previously, buyers could spread 75% of outstanding dues across 6 semi-annual installments over three years.
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Now, all outstanding payments must be made in 3 installments across 45 days (4.5 months).
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Additionally, buyers must submit 5% of the total amount with the application.
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Within 45 days of allocation, they must pay 25% of the total cost.
This compressed timeline could put financial pressure on many households that had budgeted for slower payment completion.
Project Status and Flat Details
The Atal Apartment project includes a total of 576 flats, divided into:
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336 High Income Group (HIG) Flats
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240 Middle Income Group (MIG) Flats
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179 pending flats now open for applications
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HIG flats are priced at around ₹48.50 lakh
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MIG flats are priced at ₹37.90 lakh
Despite the trust’s claims that 70% of construction work is completed, many buyers are still waiting for possession. Completion of essential facilities such as the community centre, parking area, and commercial block is still pending.
Long-Pending Project History
The Atal Apartment project has been ongoing for over 15 years. Located on 8.8 acres along Pakhowal Road, it first invited applications in 2016—but was cancelled due to low response. The project regained traction in 2020, and in 2021, a draw was conducted after which the process stalled due to a change in government. New allotment letters were eventually issued under the current administration.
Complaints and Legal Escalation
Homebuyers have filed complaints with the Real Estate Regulatory Authority (RERA), alleging that the trust is unfairly enforcing payments despite delayed construction. RERA has reportedly issued notices as part of the ongoing dispute.
