The Haryana Shehri Vikas Pradhikaran (HSVP) has introduced a stricter e-auction policy to curb payment defaults and streamline property reallocation. The revised framework enforces faster re-auctioning of cancelled plots, heavier financial penalties for defaulters and clearly defined payment timelines for all categories — residential, commercial, institutional and independent commercial properties.

Officials said the move is designed to strengthen compliance, ensure fiscal discipline and enhance transparency in the state’s property auction system.

According to the revised rules, plots cancelled due to non-compliance will now be compulsorily put up for re-auction within 60 days. If the fresh bid turns out to be lower than the original, the allotment will still be made in favour of the new highest bidder, while the original allottee will lose the entire earnest money deposit (EMD). Additionally, the defaulter will forfeit 10% of the original bid amount or the difference between the old and new bid — whichever is lower. No interest will be paid on the deposited amount.

In cases where the re-auction fetches a higher price and the new bidder clears the full payment, HSVP will refund the earlier bidder’s deposit, excluding the forfeited EMD.

The revised policy also lays down strict terms for those choosing to surrender their property. Surrendering within the first year will attract a forfeiture of 15% of the bid amount, rising to 25% if done between one and two years. Properties surrendered between two and three years will see a 35% deduction, while those given up after three years will lead to a hefty 50% loss of the allotment price.

Payment timelines too have been clearly spelt out. After depositing 10% as EMD, allottees will need to pay an additional 15% within 30 days. The balance 75% must be cleared within 120 days in case of residential and smaller commercial properties like booths, kiosks and SCOs.

For larger projects such as group housing or multi-level apartments, an additional 120 days has been granted for the balance amount — applicable only where the due date is pending as on May 13, 2025.

Independent commercial property allottees, including those acquiring complexes and malls, will be given the choice of paying the entire amount in 120 days or opting for six half-yearly instalments with 12% interest. Similarly, institutional allottees such as hospitals, schools and nursing homes will get 180 days, or can spread payments across three annual instalments with a 12% interest burden.

The move, officials said, is aimed at tightening compliance, ensuring financial discipline and bringing more transparency to the e-auction process.