KG Layout: Timeline to help allottees plan home loans

As a temporary relief to the site allottees of KG Layout who received notices from banks over the delay in the construction of homes, the Bangalore Development Authority (BDA) has decided to issue a timeline of works.

This will help the allottees plan their loan schedules accordingly.

In March, around 60% of the allottees of KG Layout’s first phase were served notices by private and nationalised banks to start the constructions immediately.

They were warned their housing loans will be converted to commercial loans otherwise.

On Saturday, BDA commissioner Dr Manjula N chaired a meeting with KG Layout site allottees, where various issues were addressed.

“Many allottees had applied for loans from various banks. They fear those loans may be converted to commercial loans. As a solution, I have asked our engineer member to issue a timeline of works to be taken up in each zone. People can show the timeline documents at banks and plan their loan schedules. This will be an official document from our side. I have asked our engineers to prioritise the electrification work in all zones as well,” Dr Manjula told DH.

In the meeting, allottees claimed it was the lack of civic amenities, supposed to be provided by the BDA, stopping the construction of houses. However, the latest decision has come as a relief. Now the allottees hope the work will speedup.

No penalty for late registration

Addressing the confusion over the waiver of interest for late registrations, the BDA decided to go ahead with the registrations without penalty. “We have decided to go ahead with the registrations without penalty as we cannot stop it at this point. I have asked officials to add a line - ‘With Subject to Government Approval’ - to avoid further complications,” the BDA commissioner added.