The Chief Minister told reporters that the decision would benefit as many as 60,000 defaulters, some of whom had to clear dues accumulated over 16 years.

The DDA charged as much as 48 per cent penal interest on overdue installments. With a 75 per cent waiver, the defaulters would have to pay an interest of only 12 per cent. The measure was also aimed at improving the financial position of the cash-strapped DDA, Sahib Singh said.

The defaulters were required to pay up the actual installment dues by December 31 and the penal interest in two installments -- the first by February 28, 1999 and the second by march 31, 1999 -- to avail of the one-time waiver scheme, he said.