Housing Ministry moots ‘Stress Funds’, to complete stalled housing projects in Noida, Greater Noida


In a move that is likely to bring relief to the owners of as many as 2.5 lakh affected housing units in Noida, Greater Noida and Yamuna Expressway, the Housing Ministry has urged the Ministry of Finance to create ‘Stress Funds’ to complete stalled housing projects in these areas

The Ministry of Housing and Urban Affairs (HUA) has urged the Ministry of Finance to create ‘Stress Funds’ to complete stalled housing projects, to bring relief to home buyers in Noida and Greater Noida. An official said that housing and urban affairs secretary Durga Shanker Mishra, has written to the Department of Financial Services, on the issue. The idea was mooted by an empowered committee, set up by the Uttar Pradesh government, under the chairmanship of Mishra, to resolve the issues of home buyers in Noida and Greater Noida.

See also: Delayed possession: No data about completion status of housing projects, says government

As per rough estimates, there are 2.5 lakh affected housing units in Noida, Greater Noida and Yamuna Expressway areas. “Through stress funds, builders will be able to complete the stalled housing projects. A letter has also been written to the Department of Financial Services (DFS), to take a decision on this issue,” the official said. Mishra said the report submitted to the Uttar Pradesh government on stalled projects, is aimed at protecting and benefiting home buyers.

The empowered committee has also proposed a number of recommendations, including new Reserve Bank of India (RBI) guidelines, which enable banks to bridge the fund gap and complete the stalled projects. The ministry has also recommended the establishment of a Real Estate Regulatory Authority (RERA) in Noida or Greater Noida, to readdress the issues of home buyers in Noida, Greater Noida, Ghaziabad and nearby areas, on a regular basis. “Another recommendation, is to permit the affected home buyers to get the title deed registered on stamp duty, at the rate prevailing at the time of committed date of the completion of the project by the developer. It will give huge monetary benefits to affected home buyers,” the official added.

 

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